M&M signs MoU with Satpura Narmada Kshetriya Gramin Bank for vehicle financing

Wednesday 23 May 2012, 11:34 AM by

Mahindra & Mahindra, the largest utility vehicle maker in the Indian auto market, has tied-up with Satpura Narmada Kshetriya Gramin Bank (SNKGB) for offering easy finance to its commercial and passenger vehicle segment customers.

The SNKGB will now be operating as the official bank of the M&M in the Indian market. The MoU was signed by General Manager of Satpura Narmada Kshetriya Gramin Bank, Mr. Devanand Mandgaonkar, and Sr. GM - Sales (West Zone) of Mahindra & Mahindra Ltd., Mr. Jacob Varghese.

Speaking on the occasion, Mr. Devanand Mandgaonkar, said, "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. 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."

From the M&M’s side, Mr. Jacob Varghese said that this 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, the company is hopeful of a good response from their dealers and customers.