Mahindra has entered into a Preferred Financier tie-up with the State Bank of Patiala. The Memorandum of Understanding (MoU) signed in Patiala on 10th March 2014 will enable Mahindra customers to avail of a vehicle loan from any of the 1,175 branches of the bank. The MoU was signed by Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. and Mr. Purshottam Behera, General Manager, Planning, New Business & Priority Sector, State Bank of Patiala in the presence of Mr. S. A. Ramesh Rangan, Managing Director, State Bank of Patiala and Mr. S. Vijaykumar, Chief General Manager, Retail Banking and Mr. Pukhraj Kanther, Chief General Manager Commercial Banking, State Bank of Patiala and Mr. Jyoti Malhotra, Sr. G.M – Sales, North, Mahindra & Mahindra. Ltd.
The tie-up will enable both M&M Ltd. and State Bank of Patiala to leverage on the inherent strengths of each other’s vast pan-India network of 1175 branches and 250 dealers, respectively.
On this occasion, Mr. S. A. Ramesh Rangan, Managing Director, State Bank of Patiala said, “This is an innovative step towards providing better customer satisfaction. Both the parties have mutually agreed to pool their resources together to promote, market and make available organized finance facility at competitive interest rates to customers.”
Speaking on the tie-up, Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. said, “At Mahindra, we relentlessly look at options to provide the best finance schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. 80% of all our vehicles are financed of which PSU Banks contribute 15%, which makes them an important partner for us and a key sales enabler. State Bank of Patiala offers innovative products and services at affordable rates. With highly competitive schemes for car loans and c.v. loans, we are hopeful of a good response from our dealers and customers.”
On this occasion, Mr. S. Vijaykumar, Chief General Manager Retail Banking, State Bank of Patiala said, “SBoP 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. Customers of SBoP will benefit from this tie-up since they will have privileged access to the specialized services of M&M.”