Indian automotive giant Mahindra and Mahindra has moved a step ahead in easying car buying process for indian customers. Mahindra has recently collaborated with the Abhyudaya Co-operative Bank by signing a preferred financier agreement. Based on the new Memorandum of Understanding (MOU), Mahindra customers can avail commercial vehicle finance and car loans from via any of the bank's branches. The MOU was reportedly signed by VS Morye, Chairman, Abhyudaya Co-operative Bank and Ajay Budki, Senior GM – Sales, West Zone, Automotive Division, Mahindra & Mahindra Limited, in the presence of P. S. Salian, GM Credit department, of the bank and Nitin Mehta, D.G.M – Sales, Mumbai Area office, Automotive Division, Mahindra & Mahindra Ltd.
Speaking more on the tie-up V.S. Morye, Managing Director, Abhyudaya Co-operative Bank said, “Abhyudaya Co-operative Bank is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative. Customers of Abhyudaya Co-operative Bank will benefit from this tie-up since they will have privileged access to the specialized services of M&M.” Adding to this, post putting signatures on MOU, P.S. Salian, GM Credit Department, Abhyudaya Co-operative Bank, said, “This partnership will definitely benefit customers. We have customized a comprehensive product catering to the varied needs of this niche customer base. We will promote it proactively offering competitive interest rates and we expect to increase our portfolio considerably in this segment.”
The Abhyudaya Co-operative Bank reportedly has about 111 Branches in Maharashtra, whereas Mahindra & Mahindra has a strong network of over 29 dealer outlets and 90 branches in the state. Giving more inputs on the tie-up, Ajay Budki, 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. Abhyudaya Co-operative Bank offers one of the best products and services at better rates than most financiers. With such highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers.”
