Mahindra partners SBI for finance scheme for PickUps and Small Commercial Vehicles

Mahindra & Mahindra Ltd. has inked a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to offer unique financial assistance for the purchase of M&M’s range of small commercial vehicles and PickUps, providing among the best interest rate and loan tenure.
SBI’s Contactless Lending Platform technology will further ensure uniformity, transparency and a reduced turnaround time in the loan approval process. It will also allow flexibility in a customer’s cashflow and contactless ownership experiences for brands such as SUPRO Profittruck & Jeeto and PickUp product range to make Mahindra vehicle ownership safe and affordable.
Amit Sagar, Business Head – SCV at Automotive division, Mahindra & Mahindra Ltd., said, “In our endeavor to provide the best customer experience and service, we are consistently looking for offerings that will delight our customers. Our financing scheme is not just unique, but also very pertinent, given SBI’s reach and trust across the length and breadth of the country. This scheme will provide the desired impetus and confidence to our SCV and PickUp customers and help them prosper.”
The collaboration with SBI will allow M&M’s small commercial vehicles customers to avail loan in a contactless and hassle-free manner with only 59 minutes loan approval process. This will help customers own a superior product with EMI as low as Rs. 6666 (for a loan amount of 3.45 lacs) and a lower interest rate of 11.5%. It also gives flexibility of extended tenure up to 6 years including a one-month moratorium period also. The customers can opt for a higher loan amount with up to 85% on-road funding. There is no requirement of any third-party guarantor. Along with MSME, small road transport operators and First Time Buyers of small commercial vehicles can also take benefit from this breakthrough M&M vehicle financing scheme with SBI.
State Bank of India, with a pan-India reach and more than 22,000 branches, has an extensive network across the country, and through this partnership it hopes to strengthen its reach, especially in rural areas, aiding employment as well as providing unique and innovative financial assistance to its customers.