Mahindra & Mahindra (M&M) on Thursday said it has tied up with Jammu & Kashmir Bank to offer loans for tractors and farm machinery. Farm Equipment Sector (FES), a part of Mahindra Group, has inked an MoU with the lender in this regard.

As part of the partnership, J&K Bank will provide financing to prospective customers of Mahindra branded tractors and farm machinery via its branches in Srinagar, Jammu & Kashmir, Punjab, Himachal Pradesh, Leh and Ladakh.

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"Access to credit is a major hindrance in allowing farmers to employ mechanisation solutions in their farmlands. With J&K Bank, we at Mahindra aim to help farmers purchase the latest Mahindra farm equipment in the region," M&M President Farm Equipment Sector, Hemant Sikka, said in a statement.

Through J&K Bank's wide network, the company also aims to offer improved access to affordable credit through innovative and attractive financing solutions that will help farmers acquire the latest farm equipment to boost their yields, he added.

"In line with our customer-centric strategy, we have entered this tie-up with the country's leading tractor and farm equipment maker to enhance credit to the farm equipment sector, thereby facilitating ease of farming for people belonging to the agricultural sector," J&K Bank President Syed Rais Maqbool stated.