Mahindra & Mahindra (M&M), a manufacturer of multi-utility vehicles in India, has signed an MoU with the State Bank of Travancore (SBT) for vehicle finance.
Following the MoU, SBT would be a preferred financier for Mahindra vehicles, encompassing both commercial vehicles and passenger vehicles.
For commercial vehicles, customers could avail a loan of up to 85% of the on road price of the vehicle, with a tenure of 7 years at 11.25% per annum. For passenger vehicles, customers could avail of a loan of up to 85% of the on road price of the vehicle, with a tenure of up to 5 years at 8% in the first year, and 10% in the second and third year, said M&M.
Arun Malhotra, senior vice president, sales and customer care, automotive sector, Mahindra & Mahindra, said: We are extremely pleased to partner with State Bank of Travancore as it will provide our customers with additional retail finance options for both commercial vehicles and passenger vehicles. A low rate of interest is just one of the benefits of opting for the State Bank of Travancore as a preferred financier. The bank’s vast national network of over 726 branches and 460 ATMs will also help us make further inroads in upcountry markets where we already have a strong customer base.
