Mahindra & Mahindra signs MoU with Bank of India for Car Loans

Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer signed a Preferred Financier agreement with Bank of India (BoI), one of India’s largest public sector banks with 106 years of banking history. Under the aegis of this tie-up, M&M customers will be able to avail of Car loan services from any branch of BoI across India. The MOU was signed by Shri R.A Sankara Narayanan, General Manager, Bank of India and Mr. Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra Ltd.

The tie-up will enable both M&M and Bank of India to leverage on the inherent strengths of each other’s vast network of over 250 dealerships and 3800 plus branches, respectively. The Bank has 3832 branches in India spread over all states/ union territories including specialized branches (21 Retail business centers and 52 rural credit processing hubs). These branches are controlled through 50 Zonal Offices.

Speaking on the occasion, Shri M. S Raghavan, Executive Director, Bank of India mentioned, “Our bank’s Bank of India Car Loan offers excellent terms for owning vehicles by individuals and we look forward to reach out to many more customers with this offering. Under the Festive offer which is applicable till 31^st March 2012, we are extending a 100% processing fee waiver and reduced rates of interest (currently starting at 11.50%). We are hopeful that with such competitive and customer friendly schemes we will be able to make in-roads into Mahindra counters in a short span of time and strengthen the relationship with M&M’s Automotive Sector and its customers. Further, we have a wide distribution network covering urban, semi urban and rural areas and we will leverage the same for mutual benefit.”

Mr. Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra said, “M&M has demonstrated its ability to show growth despite rising input costs & interest rates and is leading industry growth figures. We are relentlessly looking at options to provide the best schemes to our customers and give them the power of choice, and this strategic tie-up is surely a step in the same direction.”

Mr. Malhotra further added, “We see great synergy in this tie-up as this alliance will open up new markets and customers for both BoI and M&M. Bank of India reflects the successful blend of traditional values and ethics with the most modern infrastructure and we at M&M Automotive Sector are glad to be associated with the bank. With highly competitive schemes for our personal products range encompassing the Scorpio, Bolero, XUV₅₀₀, Xylo, Verito and Thar, we are hopeful of a good response from our dealers as well as customers.”

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