M&M signs MoU with Punjab Gramin Bank for Personal and Commercial Vehicle financing

Mahindra and Mahindra recently signed a Preferred Financier agreement with Punjab Gramin Bank (PGB) which is known to be the No. 1 RRB in India by NABARD on the basis of financial parameters in the year 2008-09. Under this agreement, Mahindra and Mahindra customer’s can apply of vehicle finance services from any of their 180 branches of PGB spread across in 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.

Mahindra MoU Punjab Gramin Bank

M&M and Punjab Gramin Bank MOU Ceremony

The arrangement between both M&M and PGB will enable 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.”