M&M inks pact with Allahabad Bank for car loans

Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd. (M&M), a part of the US$7.1bn Mahindra Group, announced a Preferred Financier agreement with Allahabad Bank, one of India's premier public sector banks with 145 years of banking history. The Memorandum of Understanding (MoU) was signed by both parties, and will enable M&M customers to avail of vehicle finance services from any branch of Allahabad Branch, in addition to over 100 dedicated delivery channels for retail lending through 27 Centralized Retail Banking Boutiques and 75 Retail Banking Boutiques across the country.

The MOU was signed by Bibhas Kumar Srivastav, General Manager, Retail Credit Dept, Allahabad Bank and Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra Ltd. in the presence of Shri J. P. Dua, Chairman & Managing Director of Allahabad Bank at the Bank's Head Office in Kolkata. Shri D Sarkar & Shri M. R. Nayak, Executive Directors and General Managers of Allahabad Bank, also graced the occasion.

The tie-up will enable both M&M and Allahabad Bank to leverage on the inherent strengths of each other's vast network of 250 dealerships as well as a 2300+ branch network respectively. Speaking at the signing, J P Dua, Chairman, Allahabad Bank said, "With a customer base of 24 million we are always looking for avenues to offer the best products. This tie-up with M&M is a step in the right direction. With 2300+ branches we have access to a major part of India's hinterland where Mahindra vehicles are the most preferred mode of transportation for goods as well as passengers. We are hopeful of working closely with M&M in the days to come and to make this relationship a mutually beneficial one".

Arun Malhotra, Sr Vice President, Sales & Customer Care, Mahindra & Mahindra mentioned, "Allahabad Bank is a dynamic and growing, tech-savvy bank and it is a moment of pride for M&M Auto Sector to be associated with a bank of its stature, heritage and respect. With highly competitive schemes (up to 85% on road funding, rates starting as low as 9%) for Car Loan and Commercial vehicles we are hopeful of a good response from our dealers and customers.."

M&M inks pact with Allahabad Bank for car loans

By: Bhavana Jhingan

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