Mahindra and Mahindra Ltd, the No. 1 manufacturer of SUV’s in India has signed a memorandum of understanding with Punjab Gramin Bank to enable customer’s avail of financing during purchase of personal or commercial vehicles. Through this tie-up customers will be able to benefit from the vast network of outlets of both brands.
There are 180 branches of PGB and 16 dealerships of M&M spread across Punjab. Punjab Gramin bank was adjudged the best Rural Regional Bank (RRB) on the basis of financial parameters surveyed by NABARD in the year 2008-09.
Shri S. K. Goel, Chairman, Punjab Gramin Bank hoped that this initiative taken up by both brands will enable people avail of suitable loan policies with reasonable interest rates and margins. PGB offers simple and innovative funding policies with interest rates starting from 12%. This financial institution also provides upto 85% on road funding and a repayment facility of 84 months.
Image Caption: Standing Left to Right: Mr. S. K. Chawla, G. M. Credit, PGB, Mr. B. S. Sandha, Sr. Manager Credit, PGB, Mr. S. K. Goel, Chairman, PGB, Mr. Jyoti Malhotra, Sr. G.M Sales – North, Mahindra & Mahindra Ltd, Mr. Ratnesh Mishra, Deputy M.M.D, Mahindra & Mahindra Ltd. and Mr. V. K. Mutneja, G. M, PGB.
For more information. read the news release below.
Mahindra & Mahindra signs MoU with Punjab Gramin Bank for Personal and Commercial Vehicle financing
Standing Left to Right: Mr. S. K. Chawla, G. M. Credit, PGB, Mr. B. S. Sandha, Sr. Manager Credit, PGB, Mr. S. K. Goel, Chairman, PGB, Mr. Jyoti Malhotra, Sr. G.M Sales – North, Mahindra & Mahindra Ltd, Mr. Ratnesh Mishra, Deputy M.M.D, Mahindra & Mahindra Ltd. and Mr. V. K. Mutneja, G. M, PGB.
Jalandhar, August 29, 2012: Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a Preferred Financier agreement with Punjab Gramin Bank (PGB) which was judged the No. 1 RRB in India by NABARD on the basis of financial parameters in 2008-09. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance services from any of the 180 branches of PGB spread across 13 districts of Punjab. The MOU ceremony was presided over by Shri Jyoti Malhotra, Senior General Manager, Sales (North Zone) – Mahindra & Mahindra Ltd. and Shri Satish Kumar Chawla, General Manager, Credit – Punjab Gramin Bank in the presence of Shri S.K Goel, Chairman, Punjab Gramin Bank
The tie-up will enable both M&M and PGB to leverage on the inherent strengths of each other’s vast network of over 16 dealer outlets and 180 branches across 13 districts of Punjab.
Speaking on the occasion, Shri S. K. Goel, Chairman, Punjab Gramin Bank mentioned, “PGB is expanding its operations in Commercial and Passenger 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 PGB will have privileged access to the specialized services of M&M. PGB has attractive schemes for financing both in terms of interest rate and margin norms for purchasers of M&M vehicles. The convergence of both the organisations will benefit customers a great deal.”
Speaking on the tie-up, Shri. Jyoti Malhotra, Senior General Manager, Sales (North Zone), 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 the same direction. PGB offers innovative yet simple products and services supported by state-of-the art technology at affordable rates starting from 12% with highly competitive schemes for car loans and commercial vehicles with up to 85% on-road funding and facility for repayment in 84 months. We are hopeful of a good response from our dealers and customers.”
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 $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.