Mahindra & Mahindra signs MoU with Indian Overseas Bank for Car Loans and Commercial Vehicle Finance
Standing Left to Right: Mr. Arun Malhotra (Sr. V.P. Sales & Customer Care, Mahindra & Mahindra Ltd & Mr. K. Subrahmanyam (G.M. SME, Indian Overseas Bank)
Chennai, December 24, 2011: Mahindra & Mahindra Ltd. (M&M), a part of the US $14.4 billion Mahindra Group, announced a Preferred Financier agreement with Indian Overseas Bank, one of India’s premier public sector banks with 75 years of banking history, today.
The Memorandum of Understanding (MoU) was signed by both parties, and will enable M&M customers to avail of vehicle finance services from any of the 2000+ branches of IOB. The tie-up will enable both M&M and Indian Overseas Bank to leverage on the inherent strengths of each other’s vast network of 250+ dealerships as well as a 2000+ branch network respectively.
The MOU was signed by Shri M.S.Raghavan, General Manager, Shri K Subrahmanyam, General Manager of Indian Overseas Bank and Mr. Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra Ltd. Speaking on the occasion Shri K. Subrahmanyam mentioned, “We are offering the latest and best schemes to Mahindra customers under which the customer can avail of up to 90% on road cost funding of the vehicle, with 5 – 7 years repayment options. As a special gesture Bank has waived off 50% processing fee for all our customers. For our SRTO (small road transport operator) friends we have done away with the compulsory requirement of a third party guarantor / collateral with applicability of the CGTMSE scheme.
We are hopeful 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 Automotive Sector and their customers. Shri M.S.Raghavan added,”Our bank’s Pushpaka scheme offers excellent terms for owning vehicles by individuals and we look forward to reach out to lot more customers with this offering.”
Mr. Arun Malhotra, Sr Vice President, Sales & Customer Care, Mahindra & Mahindra mentioned, “Indian Overseas Bank is a dynamic and growing, tech-savvy bank and it is a moment of pride for M&M Automotive Sector to be associated with a bank of its stature, heritage and respect. With highly competitive schemes for Car Loans and Commercial vehicles we are hopeful of a good response from our dealers and customers.”
About The Mahindra Group The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A US $14.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries.In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.