Mahindra & Mahindra Ltd. (M&M), country’s leading Sports Utility Vehicle (SUV) maker, on 21st May, signed a Preferred Financier Agreement with Satpura Narmada Kshetriya Gramin Bank (SNKGB) in Madhya Pradesh. SNKGB is the largest Gramin Bank in the state with more than 348 branches. This alliance will enable the consumers of M&M to avail vehicle finance services from any of the branches of the bank.
Mr. Devanand Mandgaonkar, General Manager of Satpura Narmada Kshetriya Gramin Bank and Mr. Jacob Varghese, Sr. GM - Sales (West Zone), Mahindra & Mahindra Ltd., signed the MoU. At the time of agreement, S.K. Shrivastava, Chief Manager, SNKGB and Mr. Naveen Bathla, D.G.M Channel Finance & D.B.D, Mahindra & Mahindra Ltd. were also present.
With this association, M&M and SNKGB can fully utilise their vast network and strengthen their positions in the state. Mr. Devanand Mandgaonkar, speaking about this association 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. 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.”
Informing more about the tie-up, Mr. Jacob Varghese 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”
Mr. Naveen Bathla, on the occasion 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.”
