Mahindra Tied Up With UCO Bank For Vehicle Financing
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Mahindra and Mahindra on 16th Sept 2009 recently got into an MOU with UCO Bank for vehicle finance. UCO Bank will be a preferred financier for Mahindra vehicles, encompassing both commercial vehicles and passenger vehicles.
Arun Malhotra, senior vice-president, Sales and Customer Care, Automotive Sector, Mahindra & Mahindra Ltd. and Sudhanshu Verma, head – Trade & Finance, Auto Sector, Mahindra & Mahindra Ltd., were present at the signing ceremony, with S.K Goel (chairman and managing Director, UCO Bank), V. K. Dhingra (executive director, UCO Bank), S.K. Dey Purkayastha (general manager, Retail Banking and Marketing of IT Products, UCO bank).
“This MoU with UCO Bank will provide our customers with financing for personal vehicles. Customers can avail of a loan of up to 85 per cent of the vehicle’s on road price (including registration and insurance), with tenure of 5 years. UCO bank’s vast national network of over 2000 branches will also help us further strengthen our presence in India’s hinterland,” said Arun Malhotra, senior vice-president, Sales and Customer Care, Automotive Sector, Mahindra & Mahindra Ltd.
S.K. Goel said, “The tie-up will enable the bank to increase its car loan portfolio substantially. This tie-up will give us a platform from where different products of our bank can be marketed to the prospective buyers of Mahindra & Mahindra cars throughout the country. Thus, the bank’s retail portfolio as well as customer base can be increased.”
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Posted: September 20th, 2009 under Cars.
Tags: mahindra uco bank
