Mahindra & Mahindra Ltd. (M&M), the country’s leader in SUV manufacturing, has signed a Preferred Financier contract with Satpura Narmada Kshetriya Gramin Bank (SNKGB), the leading Gramin bank in Madhya Pradesh. As per the new joint venture, Mahindra consumers shall be capable to benefit from automobile finance checks from among the 348+ divisions of SNKGB. Mr. Devanand Mandgaonkar, General Manager of Satpura Narmada Kshetriya Gramin Bank and Mr. Jacob Varghese, Sr. GM – Sales (West Zone), Mahindra & Mahindra Ltd., signed the deal in the attendance of Mr. S.K. Shrivastava, (Chief Manager) SNKGB and Mr. Naveen Bathla (D.G.M Channel Finance & D.B.D) Mahindra & Mahindra Ltd..
The joint venture will allow the two brands, Mahindra & Mahindra and Satpura Narmada Kshetriya Gramin Bank to mull over the built-up power of the two brand’s enormous link of more than 59 dealer channels and 348+ branches respectively in Madhya Pradesh.
Speaking on the occasion Mr. Devanand Mandgaonkar said, “SNKGB is increasing its process in commercial and passenger automobile funding. It has been giving niche handouts to the consumers and this agreement with Mahindra & Mahindra is among the exceptional programs. Consumers of SNKGB will profit from the new venture as they will have honored admittance to the dedicated services of Mahindra & Mahindra. SNKGB is materializing with a gorgeous offer for buyers of Mahindra & Mahindra vehicles. The Bank will offer finance for acquisition of the automobile at a relatively small EMI at rates starting as low as 11 percent for private products and 12 percent for business products. This joint venture will certainly assist clients.”
Speaking on the tie-up, Mr. Jacob Varghese, Sr. GM – Sales (West Zone), Automotive Division, Mahindra & Mahindra Ltd., said, “At Mahindra, we persistently come across at opportunities to offer the most excellent proposal to our clients and grant them the power to choose. This tactical venture is a pace in the same direction. Satpura Narmada Kshetriya Gramin Bank recommends inventive products and services maintained by sophisticated tools in the banking sector, at reasonable rates. With exceedingly aggressive proposals for vehicle loans and commercial motors with 80 percent on-road financial support, we are confident of a fine reaction from our dealers and customers”
Speaking on the occasion, Mr. Naveen Bathla, DGM – Channel Finance & DBD, Automotive Division, Mahindra & Mahindra Ltd. said “We observe immense synergy in the new joint venture with SNKGB, as this agreement will herald fresh market and consumers mutually for the bank and Mahindra & Mahindra. With a widespread contact of above 348 branches in 20 districts of Madhya Pradesh, SNKGB will assist M&M attain to further consumers and address their requirements for individual in addition to commercial functions. We the aim to roll-out the tie-up by carrying out Dealer – Branch Manager Meets in all the districts in a short span of time and thus, materialize the profit from this venture.”