Mahindra Ties Up With Bank Of Baroda For Financing Its Vehicles
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Mahindra & Mahindra Ltd. (M&M) on 20th March, 2009, has signed a Memorandum of Understanding (MoU) with Bank of Baroda for vehicle finance. As per the understanding, the aforementioned bank will be a preferred financier for the entire range of Mahindra vehicles, encompassing utility vehicles, picks-ups, three wheelers and passenger cars. Arun Malhotra, senior vice-president, Sales and Customer Care, Automotive Sector, Mahindra & Mahindra Ltd., was present at the signing ceremony, along with R. K. Bakshi, Executive Director, Bank of Baroda, Nandan Srivastava, general manager, Retail Banking, Bank of Baroda and S.P. Agrawal, general manager, SME and Wealth Management, Bank of Baroda.
According to Arun Malhotra, Bank of Baroda will provide M&M’s customers with additional retail finance options. Low interest rates and low processing fee are some of the benefits of opting for this bank as a preferred financier. The bank’s vast national network of over 2,800 branches will also help M&M to make further inroads in upcountry markets.
Customers can avail of a loan up to 85 per cent of the on road price of the vehicle, with tenure of up to 5 years.
M&M’s Automotive Sector makes a wide range of vehicles including MUVs, LCVs and three wheelers. It also manufactures the Logan passenger car through a JV with Renault SA of France. Mahindra is the largest manufacturer of MUVs, offering over 20 models including new generation utility vehicles like the Scorpio and the Bolero. The company is a market leader in the Utility Vehicle segment. Over the years, Mahindra has been steadily growing in stature as an international automotive major.
[Source: WheelsUnplugged]
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Posted: March 22nd, 2009 under Cars.
Tags: bank of baroda, bank of baroda bank, m&m, mahindra, mahindra & mahindra, mahindra bank of baroda, mahindra bank of baroda bank
