M&m Inks Pact With Allahabad Bank For Automotive Loans

Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd. (M&M), a part of the US$7.1bn Mahindra Cluster, announced a Most well-liked Financier agreement with Allahabad Bank, one in every of Indias premier public sector banks with 145 years of banking history.

The Memorandum of Understanding (MoU) was signed by each parties, and can enable M&M customers to avail of auto finance services from any branch of Allahabad Branch, additionally to over 100 dedicated delivery channels for retail lending through 27 Centralized Retail Banking Boutiques and seventy five 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 & Client Care, Mahindra & Mahindra Ltd. in the presence of Shri J. P. Dua, Chairman & Managing Director of Allahabad Bank at the Banks Head Office in Kolkata. Shri D Sarkar & Shri M. R. Nayak, Government Administrators and General Managers of Allahabad Bank, conjointly graced the occasion.

The tie-up can enable both M&M and Allahabad Bank to leverage on the inherent strengths of every others vast network of 250 dealerships with a 2300+ branch network respectively. Speaking at the signing, J P Dua, Chairman, Allahabad Bank said, With a client base of twenty four million we tend to are invariably wanting for avenues to offer the most effective products. This tie-up with M&M could be a step in the proper direction. With 2300+ branches we have access to a significant half of Indias hinterland where Mahindra vehicles are the foremost most well-liked mode of transportation for goods along with passengers. We are hopeful of operating closely with M&M in the times to come back and to create this relationship a mutually helpful one.

Arun Malhotra, Sr Vice President, Sales & Customer Care, Mahindra & Mahindra mentioned, Allahabad Bank may be a dynamic and growing, tech-savvy bank and it's a flash of pride for M&M Auto Sector to be related to a bank of its stature, heritage and respect. With highly competitive schemes (up to eighty five% on road funding, rates starting as low as nine%) for Automobile Loan and Industrial vehicles we are hopeful of a smart response from our dealers and customers..

by: Edwin Ferguson

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