Mahindra, SBI tie up for tractor loans

Hyderabad: Mahindra and Mahindra Limited's Farm Equipment Sector, a part of the Mahindra Group announced its partnership with the State Bank of India (SBI) to provide loan options on their tractors and farm machinery products across India. The customers can visit the nearest Mahindra Tractor dealership or a SBI branch to initiate the application process for the loans. KYC documents, proof of income and property documents have to be submitted for the same.

"We are pleased to partner with SBI in Telangana and Andhra Pradesh for financing of Mahindra's wide range of tractors and farm machinery. Through this partnership, we aim to enable farmers to avail hassle-free, affordable, and flexible credit facilities," president of Farm Equipment Sector, Mahindra and Mahindra Ltd, Hemant Sikka said.  Mahindra has a presence in over 50 countries across six continents, with the U S as the largest tractor market for the company outside India. The company has seven manufacturing facilities in India, with over 1,100 tractor and farm machinery dealerships across the country.

Shantanu Pendsey, CGM – Agri Business Unit and Govt Sponsored Schemes, SBI said, "We at SBI aim to deliver the best financial solutions to farmers to buy the best farm equipment solutions available in the country. Our partnership with Mahindra will ensure sale of farm equipment through one of the widest network of touchpoints across the country."  SBI has a portfolio of over Rs 2,45,000 crore in agricultural advances that covers more than one crore farmers. SBI provides credit for purchase of farm machinery like tractors, combine harvesters, power tillers, and other farm machinery through its network of over 15,000 rural and semi-urban branches.