Mahindra and J&K Bank preferred financier agreement

Mahindra and J&K Bank preferred financier agreement for car loans and commercial vehicle finance

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MahindraAs Mahindra & Mahindra have formed an alliance with J&K Bank for a Preferred Financier agreement, customers can now look forward to effective and timely car loans and commercial vehicle finance schemes. A Memorandum of Understanding to this effect has been signed and sealed by Mahindra & Mahindra, leading SUV makers in India along with J&K Bank.

Mahindra & Mahindra have a total of 250 dealer outlets across India while J&K Bank has a total of 685 branches spread across the length and breadth of the country. In J&K alone, M&M have a total of 6 dealers while J&K Bank have 577 branches spread across the state. Both M&M and J&K Bank will be able to benefit by this joint agreement which was signed by the President of J&K Bank – Mr. Pushap Kumar Tikoo along with Arun Malhotra, Chief Sales and Customer Care Officer at M&M Limited.

Enabling easy access to financial tools works miracles for automakers, especially now that manufacturers are facing very grim sales prospects  While Mahindra has numbers to speak of, sales have been stagnant in April 2013. The need to enter new markets is optimum in the current economic scenario.

Abdul Hamid Banday, Executive President, J&K Bank said, “J&K 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 J&K Bank will benefit from this tie-up since they will have privileged access to the specialized services of M&M.”

Pushap Kumar Tickoo, President, J&K Bank said, “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 offering competitive interest rates and we expect to increase our portfolio considerably in this segment.”

Arun Malhotra, Chief Sales & Customer Care Officer, 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. J&K 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”.