- Lower interest rate starting from 11.5%
- Higher Loan Amount – 85% On-Road funding (Maximum: Rs. 10 lakhs)
- Higher Loan Tenure: Up to 6 years (Including Moratorium of 1 month)
- No third-party guarantor. No ITR required for First Time Users (FTUs)
Mumbai, August 23, 2021: Mahindra & Mahindra Ltd., one of the top Commercial Vehicle manufacturers in India, offering the widest range of products and solutions from 3-wheelers to 55 ton HCV Trucks has inked a Memorandum of Understanding (MoU) with the State Bank of India (SBI). The MoU is set to offer unique financial assistance for the purchase of M&M’s range of small commercial vehicles and PickUps, providing among the best interest rate and loan tenure. SBI’s Contactless Lending Platform technology will further ensure uniformity, transparency and a reduced turnaround time in the loan approval process. It will also allow flexibility in a customer’s cashflow and contactless ownership experiences for brands such as SUPRO Profittruck & Jeeto and PickUp product range to make Mahindra vehicle ownership safe and affordable.
Commenting on the announcement, Amit Sagar, Business Head – SCV at Automotive division, Mahindra & Mahindra Ltd., said, “In our endeavor to provide the best customer experience and service, we are consistently looking for offerings that will delight our customers. Our financing scheme is not just unique, but also very pertinent, given SBI’s reach and trust across the length and breadth of the country. This scheme will provide the desired impetus and confidence to our SCV and PickUp customers and help them prosper.”
The collaboration with SBI will allow M&M’s small commercial vehicles customers to avail loan in a contactless and hassle-free manner with only 59 minutes loan approval process. This will help customers own a superior product with EMI as low as Rs. 6666 (for a loan amount of 3.45 lacs) and a lower interest rate of 11.5%. It also gives flexibility of extended tenure up to 6 years including a one-month moratorium period also. The customers can opt for a higher loan amount with up to 85% on-road funding. There is no requirement of any third-party guarantor. Along with MSME, small road transport operators and First Time Buyers of small commercial vehicles can also take benefit from this breakthrough M&M vehicle financing scheme with SBI.
The State Bank of India, with a pan-India reach and more than 22,000 branches, has an extensive network across the country, and through this partnership it hopes to strengthen its reach, especially in rural areas, aiding employment as well as providing unique and innovative financial assistance to its customers.
M&M recently launched the SUPRO Profittruck range which is developed on the successful SUPRO platform. It is affordable, more powerful, boasts of a greater payload capacity and higher mileage and thereby higher profit to the customers. The SUPRO Profittruck range comes in both diesel as well as CNG fuel options. The Jeeto brand launched in 2015, has been a great success and a choice of over 2 lakh happy customers. It is a strong offering in <2Ton load category which comes with multi fuel options of Diesel, CNG & Gasoline and in two different deck sizes providing array of options to customer. Mahindra Bolero PickUp range has been the market leader for over two decades with more than 16 lakh happy customers. Mahindra Bolero PickUp has a wide range of vehicles – Single cabin, Double cabin, AC, 4WD and CNG options along with multiple payload and cargo sizes suiting the customer requirements. The aim is to influence the customer’s life positively and enable them to earn more & to progress in life, while building a long-term relationship with brand Mahindra. M&M also provides best in class after sales support through its vast Primary and Secondary service network and trained technicians.
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