M&M signs MoU With OBC for Vehicle Financing

Mahindra & Mahindra Ltd, the Indian auto giant known for its sports utility vehicles, today signed a Preferred Financier agreement with Oriental Bank of Commerce (OBC), one of the largest and most reputed public sector banks in the country . Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 1808 branches of OBC having pan India presence. The MOU was signed by Shri Arun Malhotra, Senior Vice President, Sales & Customer Care – Mahindra & Mahindra Ltd and Shri Atul Gautam, General Manager, Oriental Bank of Commerce in the presence of Shri S. L. Bansal, Chairman & Managing Director..

The tie-up will enable both M&M and Oriental Bank of Commerce to leverage on the inherent strengths of each other’s vast network of over 250 dealer outlets and 1808 branches across India. Speaking on the occasion, Shri S. L. Bansal ,Chairman & Managing Director, Oriental Bank of Commerce mentioned, “OBC is expanding its operations in Commercial and Passenger vehicle financing. It has been making attractive offers to its customers and this arrangement with M & M will be one of several such initiatives. By virtue of this tie-up, Customers of OBC will have privileged access to the specialized services of M&M. OBC has attractive schemes for financing both in terms of interest rate and margin norms for purchasers of M&M vehicles. The convergence of both the organisations will benefit customers a great deal.”

Speaking on the tie-up, Shri. Arun Malhotra, Sr. V.P Sales & Customer Care, Automotive Division, Mahindra & Mahindra Ltd., said, “At Mahindra, we always 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. Oriental Bank of Commerce offers innovative yet simple products and services supported by state-of-the art technology at affordable rates to SME, retail and NRI customers. With highly competitive schemes for car loans and commercial vehicles with up to 80% on-road funding and facility for repayment up to 84 months, we are hopeful of a good response from our dealers and customers.”