Mahindra & Mahindra (M&M) Limited, the country's largest Utility Vehicle (UV) maker, has signed a Memorandum of Understanding (MoU) with the Punjab Gramin Bank (PGB) on August 31, 2012 to facilitate car loans for the company's passenger as well as Commercial Vehicle (CV) buyers. A special ceremony was organised to immortalise the occasion, which was presided by the Senior General Manager (SGM), Sales (North Zone), of M&M, Jyoti Malhotra and Satish Kumar Chawla, the General Manager (GM), Credit department, of PGB. The limelight of the event was also shared by the Chairman of PGB, S.K Goel.
The M&M customers based in Punjab will be highly rejoiced with the mutual agreement between the two parties as they can now avail car loans from any of the 180 branches of PGB, situated in 13 districts of the state. In Punjab, M&M currently has a network of 16 dealerships spread across the state's length and breadth and its iconic models like XUV500, Scorpio and Xylo are immensely popular among the residents there. Besides, the tie-up is supposed to be mutually beneficial for M&M and PGB as the venture has development and expansion opportunities for both the participants.
Expressing his delight at the ceremony, Goel quoted, “PGB is expanding its operations in Commercial and Passenger vehicle financing. It has been making attractive offers to its customers and this arrangement with M&M will be one of several such initiatives. By virtue of this tie-up, customers of PGB will have privileged access to the specialized services of M&M. PGB has attractive schemes for financing both in terms of interest rate and margin norms for purchasers of M&M vehicles. The convergence of both the organisations will benefit customers a great deal.”
Speaking on the mutual understanding, Jyoti Malhotra said, “At Mahindra, we always look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. PGB offers innovative yet simple products and services supported by state-of-the art technology at affordable rates starting from 12% with highly competitive schemes for car loans and commercial vehicles with up to 85% on-road funding and facility for repayment in 84 months. We are hopeful of a good response from our dealers and customers.”
