Mahindra & Mahindra signs MoU with Bank of India for Car Loans

Standing Left to Right: Mr. R. A. Sankara Narayanan (General Manager, Bank of India), Mr. M. S. Raghavan (Executive Director, Bank of India) and Mr. Arun Malhotra (Sr. V.P. Sales & Customer Care, Mahindra & Mahindra Ltd 

Mumbai: Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement with Bank of India (BoI), one of India’s largest public sector banks with 106 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 branch of BoI across India. The MOU was signed by Shri R.A Sankara Narayanan, General Manager, Bank of India and Mr. Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra Ltd.

The tie-up will enable both M&M and Bank of India to leverage on the inherent strengths of each other’s vast network of over 250 dealerships and 3800 plus branches, respectively. The Bank has 3832 branches in India spread over all states/ union territories including specialized branches (21 Retail business centers and 52 rural credit processing hubs). These branches are controlled through 50 Zonal Offices.

Speaking on the occasion, Shri M. S Raghavan, Executive Director, Bank of India mentioned, “Our bank’s Star Autofin Scheme offers excellent terms for owning vehicles by individuals and we look forward to reach out to many more customers with this offering. Under the Festive offer which is applicable till 31^st March 2012, we are extending a 100% processing fee waiver and reduced rates of interest (currently starting at 11.50%). We are hopeful that with such competitive and customer friendly schemes we will be able to make in-roads into Mahindra counters in a short span of time and strengthen the relationship with M&M’s Automotive Sector and its customers. Further, we have a wide distribution network covering urban, semi urban and rural areas and we will leverage the same for mutual benefit.”

Mr. Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra said, “M&M has demonstrated its ability to show growth despite rising input costs & interest rates and is leading industry growth figures. We are relentlessly looking at options to provide the best schemes to our customers and give them the power of choice, and this strategic tie-up is surely a step in the same direction.”

Mr. Malhotra further added, “We see great synergy in this tie-up as this alliance will open up new markets and customers for both BoI and M&M. Bank of India reflects the successful blend of traditional values and ethics with the most modern infrastructure and we at M&M Automotive Sector are glad to be associated with the bank. With highly competitive schemes for our personal products range encompassing the Scorpio, Bolero, XUV₅₀₀, Xylo, Verito and Thar, we are hopeful of a good response from our dealers as well as customers.”

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. 

A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.

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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Atul Malikram

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