DIMO renews buyback agreement with Sarvodaya Development Finance PLC

Tuesday, 10 May 2022 03:37 - - {{hitsCtrl.values.hits}}

Sarvodaya Development Finance Chief Executive Officer Nilantha Jayanetti (right), with Diesel and Motor Engineering Co. Group Chief Executive Officer Gahanath Pandithage and DIMO team (left)

Sarvodaya Development Finance PLC (SDF) has entered into a special Memorandum of Understanding (MoU) with DIMO to provide attractive leasing rates and low-down payments exclusively to the agricultural sector, through a special finance scheme, for the third consecutive year, along with a host of other exclusive benefits.

This partnership will position SDF as the preferred financial partner for new and existing customers looking to finance all Mahindra and Swaraj tractors and Lovol and CLASS Combined Harvesters imported and sold by DIMO to its customers for agricultural purposes.

A buyback offers from DIMO, for the tractors sold by SDF, under certain conditions, is another attractive and valuable benefit created by this partnership, which was initially entered into in 2019 and has since been extended annually, this year for the third time.

The MoU formalising the partnership was signed recently at a small ceremony with top officials from both SDF and DIMO present.

In addition to lower rates, new and existing SDF customers who obtain leases under the above partnership and special finance facility will also enjoy benefits such as a comprehensive two-year warranty for the products, along with a further four-year extended warranty for Mahindra and Swaraj tractors.

Combined Harvesters will enjoy a comprehensive one-year warranty period. In addition to these benefits, customers will also receive a free Farmer KIT and free oil filters, coupled with three services provided free of charge.

Additionally, Combined Harvesters will enjoy free GPS devices added at no cost. In order to further support the agricultural sector, customer visits will also be conducted to better educate customers and share knowledge.

Discussing the partnership, SDF CEO Nilantha Jayanetti said: “We’re pleased to announce the further extension of this valuable partnership. Despite the fertiliser issue and other challenges in the agricultural sector, we have been able to deliver consistent and continuous growth in terms of our agricultural vehicle/equipment leasing portfolio.

“Operating amidst a subdued market environment, we have still continued to deliver growth and value to both our customers and investors, emerging as their preferred financial partner. Through our lending activities, particularly leasing, we are positively contributing to the productive economy and the agricultural sector by providing the right financial solutions for stakeholders of that sector, 80% of whom are outside the Western Province.

“Backed by the Sarvodaya Movement, SDF is more than a finance company, we provide an alternative economic model, directly encouraging and supporting our customers to uplift their own local economies, which ultimately contributes to the national economic output.”