Mahindra & Mahindra Ltd. (M&M), one of India’s leading auto brands, today signed an MoU with the State Bank of Travancore (SBT) for vehicle finance. As a result of this MoU, SBT will be a preferred financier for Mahindra vehicles, encompassing both commercial vehicles and passenger vehicles.

Mr. Arun Malhotra, Senior Vice President, Sales and Customer Care, Automotive Sector, Mahindra & Mahindra Ltd. and Mr. Sudhanshu Verma, Head – Trade & Finance, Auto Sector, Mahindra & Mahindra Ltd., were present at the signing ceremony, along with Mr. V. Sasidharan Pillai, AGM, D&RB,  State Bank of Travancore. Mr. A. K. Jagannathan Managing Director, State Bank of Travancore was also present.

“We are extremely pleased to partner with State Bank of Travancore as it will provide our customers with additional retail finance options for both commercial vehicles and passenger vehicles. A low rate of interest is just one of the benefits of opting for the State Bank of Travancore as a preferred financier. The bank’s vast national network of over 726 branches and 460 ATMs will also help us make further inroads in upcountry markets where we already have a strong customer base,” said Mr. Arun Malhotra, Senior Vice President, Sales and Customer Care, Automotive Sector, Mahindra & Mahindra Ltd.

For Commercial Vehicles, customers can avail of a loan of up to 85% of the on road price of the vehicle, with a tenure of 7 years at 11.25% p.a. For passenger vehicles, customers can avail of a loan of up to 85% of the on road price of the vehicle with a tenure of up to 5 years at 8% in the first year and 10% in the second and third year.

The State Bank of Travancore is 100% government owned and the State Bank of India’s largest Associate. It has 726 branches spread across 16 states and 2 Union territories. The Mahindra brand’s popularity in the hinterland will get an added boost with this strategic tie-up.

M&M’s Automotive Sector makes a wide range of vehicles including MUVs, LCVs and three wheelers. It also manufactures the Logan passenger car through a JV with Renault SA of France. Mahindra is the largest manufacturer of MUVs, offering over 20 models including new generation utility vehicles like the Scorpio and the Bolero. The company is a market leader in the Utility Vehicle segment. Over the years, Mahindra has been steadily growing in stature as an international automotive major.

Courtesy: Mahindra Group

Popular Mahindra Cars in India:
Mahindra Renault Logan GL 1.4 (Petrol)
Mahindra Renault Logan GLE 1.4 (Petrol)
Mahindra Renault Logan GLX 1.6 (Petrol)
Mahindra Bolero DIZ (Diesel)
Mahindra Bolero DI (Diesel)
Mahindra Scorpio 2.6 LX 7-seater (Diesel)
Mahindra Scorpio 2.6 LX 9-seater (Diesel)
Mahindra Xylo E2 (Diesel)
Mahindra Xylo E4 (Diesel)

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Posted by Naresh Koshti on 22 July, 2009 12:47:15 PM IST #