Mahindra inks deal with SBT for vehicle finance

Mahindra inks deal with SBT for vehicle financeMahindra Mahindra Ltd., one of India's top leading auto brands, has entered into a MoU with the State Bank of Travancore (SBT) for vehicle finance. Under the pact, SBT will serve as a preferred financer for Mahindra vehicles. For Commercial Vehicles, customers can avail of a loan of up to 85 percent of the on road price of the vehicle, with a tenure of 7 years at 11.25 percent p.a. For passenger vehicles, customers can avail of a loan of up to 85 percent of the on road price of the vehicle with a tenure of up to 5 years at 8 percent in the first year and 10 percent in the second and third year. The State Bank of Travancore is 100 percent government owned and the State Bank of India's largest Associate. It has 726 branches spread across 16 states and 2 Union territories.