Mahindra preferred financier agreement with Sharad Shakari Bank, Manchar for Car Loans and Commercial Vehicle Finance
March 18, 2014, Manchar: Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, has signed a Preferred Financier agreement with Sharad Shakari Bank, Manchar. The Memorandum of Understanding (MoU) would enable Mahindra customers to avail of vehicle finance from any of the branches of the Bank. The MoU was signed by Mr. Jacob Varghese, Sr. GM – Sales, West Zone, Automotive Division, Mahindra & Mahindra Ltd. and Mr. Devendra Shah, Chairman, Sharad Shakari Bank in the presence of Shri D.S. Joshi, CEO, of the bank and Mr. Manoj Kumar Gupta, D.G.M – Sales, Rest of Maharashtra, Automotive Division, Mahindra & Mahindra Ltd.
The tie-up will enable both M&M Ltd. and Sharad Shakari Bank to leverage on the inherent strengths of each other’s vast network. Mahindra & Mahindra has a network of over 28 dealer outlets and 85 branches respectively across Maharashtra, while Sharad Shakari Bank has 13 Branches.
Speaking on the occasion, Mr. Devendra Shah, Chairman, Sharad Shakari Bank said, “Sharad Shakari Bank is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative. Customers of Sharad Shakari Bank will benefit from this tie-up since they will have privileged access to the specialized services of Mahindra & Mahindra Ltd.”
“This partnership will definitely benefit customers. We have customized a comprehensive product catering to the varied needs of this niche customer base. We will promote it proactively by offering competitive interest rates and we expect to increase our portfolio considerably in this segment”, said Shri D.S. Joshi, CEO, Sharad Shakari Bank, after putting his signature on the MoU.
Speaking on the tie-up, Mr. Jacob Varghese, Sr. GM – Sales, West Zone, Automotive Division, Mahindra & Mahindra Ltd. said, “At Mahindra, we relentlessly 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. Sharad Shakari Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers”.