Mahindra & Mahindra signs MoU with Satpura Narmada Kshetriya Gramin Bank for Car Loans and Commercial Vehicle Finance

Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement with Satpura Narmada Kshetriya Gramin Bank (SNKGB), the largest Gramin bank in Madhya Pradesh. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 348+ branches of SNKGB. The MOU was signed by Mr. Devanand Mandgaonkar, General Manager of Satpura Narmada Kshetriya Gramin Bank and Mr. Jacob Varghese, Sr. GM - Sales (West Zone), Mahindra & Mahindra Ltd., in the presence of Mr. S.K. Shrivastava, (Chief Manager) SNKGB and Mr. Naveen Bathla (D.G.M Channel Finance & D.B.D) Mahindra & Mahindra Ltd..

The tie-up will enable both M&M and Satpura Narmada Kshetriya Gramin Bank to leverage on the inherent strengths of each other’s vast network of over 59 dealer outlets and 348+ branches respectively in Madhya Pradesh. Speaking on the occasion Mr. Devanand Mandgaonkar mentioned, “SNKGB 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 SNKGB will benefit from this tie-up since they will have privileged access to the specialized services of M&M. SNKGB 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 at rates starting as low as 11% for personal products and 12% for commercial products. This partnership will definitely benefit customers.”

Speaking on the tie-up, Mr. Jacob Varghese, Sr. GM - Sales (West Zone), 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 a step in the same direction. Satpura Narmada Kshetriya Gramin Bank offers innovative products and services supported by advanced technologies in the banking sector, at affordable rates. With highly competitive schemes for car loans and commercial vehicles with 80% on-road funding, we are hopeful of a good response from our dealers and customers”

Speaking on the occasion, Mr. Naveen Bathla, DGM - Channel Finance & DBD, Automotive Division, Mahindra & Mahindra Ltd. said “We see great synergy in this tie-up with SNKGB, as this alliance will open up new markets and customers for both the bank and M&M. With an extensive reach of over 348 branches in 20 districts of Madhya Pradesh, SNKGB 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 – Branch Manager Meets in all the districts in a short span of time and thus, optimize the benefit from this partnership.”