Leading manufacturers of SUVs in India Mahindra and Mahindra have entered into a joint agreement with UCO Bank to be the preferred financer for their range of commercial vehicles. UCO Bank is a reputed public sector bank with over 69 years of banking history. The agreement was signed and sealed by Arun Malhotra Chief of Sales and Customer Care Officer at M&M along with Manoj Kumar, Deputy General Manager of UCO Bank where in all commercial vehicles of M&M will be financed by UCO Bank.
This joint agreement will benefit both M&M and UCO Bank to the extent that each of them will increase their customer networks. M&M have over 400 dealerships throughout the country while UCO Bank has a total of 2407 branches in India. Financing of commercial vehicles of M&M will be offered through UCO Bank wherein customers will be charged reasonable rates of interest starting at 11.5% for a period of 7 years, which will entail lower EMIs while at the same time paper work will be quicker and less time consuming benefiting customers to a great extent.
Under this new agreement UCO Bank will provide customers with financing for personal vehicles. Customers can get a loan of upto 85% on the vehicles on road price – including registration and insurance with a tenure of 5 years.
In the image above, standing Left to Right: – Mr. N. R. Badrinarayanan, Executive Director, UCO Bank, Mr. Manoj Kumar, D.G.M, UCO Bank, Mr. Arun Kaul, Chairman & Managing Director, UCO Bank, Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Mahindra & Mahindra Ltd., Mr. S. Chandrasekharan, Executive Director, UCO Bank and Mr. Naveen Bathla, D.G.M Channel Finance, Mahindra & Mahindra Ltd.
Auto News Release
Mahindra & Mahindra signs MoU with UCO Bank for Commercial Vehicle financing
October 19, 2012: Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement for Commercial Vehicles with UCO Bank, one of the largest and most reputed Public Sectors Banks in the country with 69 Years of illustrious banking history. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 2,407 branches of UCO Bank across India. The MOU was signed by Arun Malhotra, Chief Sales & Customer Care Officer, Mahindra & Mahindra Ltd and Manoj Kumar, Deputy General Manager, UCO Bank, in the presence of Arun Kaul, Chairman & Managing Director, UCO Bank, N.R Badrinarayanan, Executive Director, UCO Bank and S.Chandrasekharan, Executive Director, UCO Bank.
The tie-up will enable both M&M and UCO Bank to leverage the inherent strengths of each other’s vast network of over 400 dealer outlets and 2,407 branches across the country.
Speaking on the occasion, Shri Manoj Kumar, Deputy General Manager, UCO Bank said, “UCO Bank is expanding its operations in Commercial 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 UCO BANK will have privileged access to the specialized services of M&M. The convergence of both organisations will benefit customers a great deal. The Bank will provide loans for the purchase of commercial vehicles at a comparatively low EMI, with rates starting at just 11.5% (for repayment tenure up to 7 years). This partnership will definitely benefit customers.”
Speaking on the tie-up, Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd., 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 that direction. UCO Bank offers innovative yet simple products and services. With highly competitive schemes for commercial vehicles, with 85% on-road funding, we are hopeful of a good response from our dealers and customers. In our existing product range, the Alfa, Champion, Gio, Maxximo and all Mahindra Pick-up products will be covered under this tie-up, apart from all future launches in the CV segment.”
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.
The USD 15.4 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.
About UCO Bank
UCO Bank is one of the leading public sectors Banks with a network of 2407 Branches domestic as well as 4 overseas branches. Currently the Bank enjoys the patronage and loyalty of a multitude of customer belonging to varied social strata .Despite intense upheaval in the world of finance, UCO Bank continues to foray in to all states and union territories of India, With an intent to bring the unbanked millions under the Banking umbrella.UCO bank has a mission to rejuvenate micro, small, medium and large enterprises spanning all sectors including retail, agriculture, services and infrastructure. It has a well defined vision to engender social wealth with the help of innovative and prudent Banking.