Mahindra & Mahindra Ltd. (M&M), one of Indias leading auto brands, has signed a Memorandum of Understanding with the State Bank of Bikaner and Jaipur (SBBJ) for vehicle finance.
For the entire range of Mahindra vehicles, SBBJ will be a preferred financier covering utility vehicles, pick ups and passenger cars.
K Chandrasekar, Senior Vice President, Corporate Finance, Mahindra & Mahindra Ltd., was present at the signing ceremony, along with Sudhanshu Verma, Head of Trade & Finance. From State Bank of Bikaner and Jaipur, Arun Shandilya, Managing Director and M. M. Sehgal, GM -Planning and Development were present.
Mr. K. Chandrasekar, Senior Vice President, Corporate Finance, Mahindra & Mahindra Ltd stated, "We are delighted to partner with the State Bank of Bikaner and Jaipur (SBBJ) as it will provide our customers with additional retail finance options. Low interest rates and low processing fee are some of the benefits of opting for SBBJ as a preferred financier. The banks vast pan India network of 860 branches will also help us make further inroads in upcountry markets."
Consumers can take a loan up to 85% of the on road price of the vehicle, with tenure of up to 7 years. They can also avail of low interest rates amounting to 12% for passenger vehicles and 11.75% for commercial vehicles. M&Ms Automotive Sector makes a wide range of vehicles including MUVs, LCVs and three wheelers.
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