Mahindra & Mahindra Limited, the country’s largest utility vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with J&K Bank so as to facilitate easy motor vehicle finance options to its customers in the country. The auto maker‘s Preferred Financier Agreement with the J&K Bank is expected to benefit domestic buyers as they can avail hassle free vehicle loans from any of the bank’s nationwide branches. The announcement came in Srinagar on April 30, 2013.
As per reports, the MoU was signed by Arun Malhotra, Sales Chief of Mahindra & Mahindra and Pushap Kumar Tikoo, President of the J&K Bank. Also present at the ceremony were Abdul Hamid Banday, the Executive President of J&K Bank and Jyoti Malhotra, Senior General Manager (GM), Sales (North Zone), Automotive Division at Mahindra & Mahindra Limited.
Expressing his views on the new tie-up with Mahindra & Mahindra Limited, Abdul Hamid Banday was quoted as saying, “J&K 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.” The Executive President of J&K Bank also added, “Customers of J&K Bank will benefit from this tie-up since they will have privileged access to the specialized services of M&M.”
The joint collaboration between Mahindra & Mahindra Limited and J&K Bank would enable both the parties in reaping benefits for each other in a mutually symbiotic manner. At present, the utility vehicle maker has a pan Indian presence with over 250 retail outlets, whereas the bank has an equally impressive countrywide reach with 685 branches. In the state of Jammu & Kashmir, Mahindra & Mahindra has strength of 6 dealers, whereas the J&K Bank boasts of 577 branches.
After putting his signatures on the MoU, Pushap Kumar Tickoo said a few words, “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.”
Commenting on the new association, Arun Malhotra, Chief Sales and Customer Care Officer, Automotive Division, Mahindra & Mahindra Limited 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. J&K Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers.”