Mahindra Reva signs MoU with State Bank of India for Vehicle Finance
Mr. R Chandramouli, COO, Mahindra Reva (left) shaking hands with Mr. Rajeev N Mehra, CGM, SBI-Mumbai
Bangalore, January 19, 2012: Mahindra Reva Electric Vehicles Pvt. Ltd., a part of the US $14.4 billion Mahindra Group, has signed a Memorandum of Understanding (MoU) with State Bank of India (SBI), the country’s premier public sector bank. The Preferred Financier agreement was signed by both parties which will enable both Mahindra Reva and State Bank of India to leverage on the inherent strengths of each other’s vast network.
The MOU was signed by Mr. R N Mehra, Chief General Manager, Personal Banking, State Bank of India and Mr. R Chandramouli, Chief of Operations of Mahindra Reva Electric Vehicles Pvt. Ltd.
Speaking on the occasion, Mr. R N Mehra, CGM, State Bank of India Mumbai said, “State Bank of India will finance 85% of the On Road Price of Mahindra Reva Electric Vehicles with a tenure of 7 years and low interest rate of 12% (Rs. 1765 per lac of loan for 7 years). There will be no pre payment penalty in case a customer chooses to pre close the loan. Through this initiative, we are pleased to promote ‘Green Cars’ as these are environment friendly”.
Mr. R Chandramouli, Chief of Operations of Mahindra Reva Electric Vehicles Pvt. Ltd. said, “It is a moment of pride for Mahindra Reva to be associated with a bank of the stature, heritage and respect of SBI. With such highly competitive schemes and finance, we are hopeful of getting a good response from our dealers and customers”.
About State Bank of India
SBI is premier Banking institution with 206 years of banking experience. It is India’s largest commercial bank in terms of assets, deposits, profits and number of branches and employees. The Bank has 13686 branches across the country, while the SBI group has 18506 branches. The State Bank Group is 100% Globally Networked. The Bank has 21633 ATMs, while the SBI Group has 26692 ATMs in the country. Total asset size of the Bank is Rs.12,42,517 Crores. The Personal Banking Business Unit of the Bank is the most preferred for all Personal Banking requirements.
SBI maintains its retail market leadership in domestic passenger car financing. SBI offers car loans upto 85% of “On-road Price” of the car with a maximum repayment period of 7 years to all categories of customers. Customers can repay the loan amount at any point of time during the repayment period without any pre-payment penalty.
About Mahindra REVA Electric Vehicles Pvt Ltd
Mahindra REVA is a pioneer of EV (electric vehicle) technologies and one of the first companies to introduce electric vehicles worldwide. Founded in 1994 as REVA Electric Car Company, a joint venture between the Maini Group of Bangalore and AEV LLC of USA, the company was acquired in May 2010 by the USD 14.4 billion Mahindra Group of India. The REVA electric vehicle was launched in Bangalore in 2001 and in London in 2004, (latter under the G-Wiz brand). Today Mahindra Reva has one of the largest deployed fleets of electric cars in the global market and has accumulated data from more than 180 million km of user experience. The company’s electric vehicle platforms, technologies and regional vehicle assembly are offered under license.
Mahindra Reva has 310 employees and is headquartered at the Bommasandra Industrial Area in Bangalore, India, next to Electronic City, one of the world's technology hubs.
In 2006, REVA was acclaimed by Business world India as one of India’s ‘Cool Companies’ and in 2008 was the recipient of the Frost & Sullivan Automotive Power train Company of the Year award. In 2010, Overdrive and CNBC TV 18 declared the REVAi as the Green Car of the Year. Chetan Maini, co-founder and Chief of Technology & Strategy, was awarded The Economist Innovation Award for Energy and the Environment by the Economist in Oct 2011.
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.