India’s leading SUV manufacturer, Mahindra and Mahindra recently decided to sign a Preferred Financier agreement with one of the leading private sector banks in the country, Karur Vysya Bank. Karur Vysya Bank has a 96 year history in India making it one of the leading private sector banks in India.
The bank has more than 450 branches all over the country and according to the agreement signed between KVB and Mahindra and Mahindra, M&M customers will now be able to avail on a number of financial services from any of the bank’s branches. Mahindra has over 250 dealerships to service the Indian auto market.
Likewise customers of KVB will be able to avail on a number of exciting packages that the bank will soon be launching for purchasing of Mahindra and Mahindra vehicles. This collaboration will be beneficial for both companies as each of these companies will be able to dip into the respective strengths of the other company.
Speaking on the occasion Shri K. Venkataraman mentioned, “KVB is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with M & M will be one such special initiative. Customers of KVB will be benefited out of this tie-up since they will have privileged access to the specialized services of M & M. KVB is coming out with an attractive package for purchasers of M & M vehicles. The Bank will provide loans for purchase of the vehicles at a comparatively low EMI. This coming together of both organizations will definitely benefit customers.”
Speaking on the tie-up, Mr. Arun Malhotra, Senior Vice President, Sales and Customer Care, 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 surely a step in the same direction. Karur Vysya Bank offers innovative products and services supported by the latest technologies in the banking sector, at affordable rates. KVB’s specialized rates for bus operators, educational institutions and Medium and Small Enterprises will help Mahindra BOP and C.V product range customers. With highly competitive schemes for Car Loans and Commercial vehicles we are hopeful of a good response from our dealers and customers”
Speaking on the occasion, Mr. Atul Sinha, Senior General Manager – Sales South, Automotive Division, Mahindra & Mahindra Ltd. said “We see great synergy in this tie-up with KVB, as this alliance will open up new markets and customers for both the bank and M&M. With an extensive reach of over 340 branches, in the four Southern States, KVB will help Mahindra reach out to additional customers and address their needs for personal as well as commercial applications. We intend to roll-out the tie-up by conducting Dealer – Branch Manager Meets in all southern territories in a short span of time and optimize the benefit from this tie-up.”