Mahindra & Mahindra signs MoU with Bank of Maharashtra for Car Loans and Commercial Vehicle Finance
Pune, May 4, 2012: Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement with Bank of Maharashtra (BOM), one of India’s premier public sector banks with 77 years of banking history. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 1589 branches of BOM. The MOU was signed by Shri Sanjay Arya, General Manager- Credit Priority and Mid Corporate of Bank of Maharashtra and Mr. Arun Malhotra, Sr. Vice President – Sales & Customer Care, Automotive Division, Mahindra & Mahindra Ltd., in the presence of Shri K. Vairamani, DGM-Credit Mid Corporate, BOM and Mr. Jacob Varghese, Senior General Manager – Sales West, M&M.
The tie-up will enable both M&M and Bank of Maharashtra to leverage on the inherent strengths of each other’s vast network of over 250 dealerships and 450 plus branches, respectively.
Speaking on the occasion Shri Sanjay Arya mentioned, “BOM is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with M & M will be one such special initiative. Customers of BOM will benefit from this tie-up since they will have privileged access to the specialized services of M & M. BOM is coming out with an attractive package for purchasers of M & M vehicles. The Bank will provide loans for purchase of the vehicles at a comparatively low EMI. This coming together of both organizations will definitely benefit customers.”
Speaking on the tie-up, Mr. Arun Malhotra, Senior Vice President, Sales and Customer Care, Automotive Division, Mahindra & Mahindra Ltd., said, “At Mahindra, we relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is surely a step in the same direction. Bank of Maharashtra offers innovative products and services supported by the latest technologies in the banking sector, at affordable rates. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers”
Speaking on the occasion, Mr. Jacob Varghese , Senior General Manager – Sales West, Automotive Division, Mahindra & Mahindra Ltd. said “We see great synergy in this tie-up with BOM, as this alliance will open up new markets and customers for both the bank and M&M. With an extensive reach of over 1000+ branches in the State of Maharashtra, BOM will help Mahindra reach out to additional customers and address their needs for personal as well as commercial applications. We intend to roll-out the tie-up by conducting Dealer – Regional Manager Meets in all Western territories in a short span of time and optimize the benefit from this tie-up.”
About The Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.
For further information, please visit www.mahindra.com
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For further enquiries please contact:
Ms. Roma Balwani
Senior VP & Group Head - Corporate Communication
Mahindra & Mahindra Ltd
Phone: (+91-22) 24901441
Email: balwani.roma@mahindra.com
About Bank of Maharashtra
Bank of Maharashtra commenced operations on 8th February 1936 in Pune. Bank is a reputed public sector bank which provides a wide range of banking services and financial products, including, inter alia, finance for purchase of motor vehicles. BOM has a large network presently comprising 1589 branches across the country. Nationalized in 1969 itself, Maha Bank continued to spread its network and services in rural and semi urban areas also, consequent of which, it has 54% of branches in rural and semi urban areas even today.
The bank is one of the few public sector banks which adopted the latest technology more than two decades ago, to bring the benefits of IT to its customers. The bank has its presence in 26 states and 2 Union Territories across India. The bank’s network of 501 ATMs has the highest average daily hits, proving that they are placed at the most convenient locations for customers.
Please visit www.bankofmaharashtra.in
For further enquiries please contact:
Name: Mr. K Vairamani
Designation: DGM-Credit Mid Corporate
Bank of Maharashtra
Phone: +91-7709073333
E-mail: dgmmidcorp@mahabank.co.in