M&M in vehicle finance deal with Corporation Bank

Mahindra & Mahindra (M&M) and its joint venture company Mahindra Navistar Automotives (MNAL), today signed two memorandums of understanding (MoU) with Corporation Bank for vehicle finance.

Corporation Bank will be a preferred financier for the entire range of M&M and MNAL vehicles, including utility vehicles, pick ups, three wheelers, passenger cars and commercial vehicles.

" We are extremely pleased to partner with Corporation Bank as it will provide our customers with additional retail finance options,” said Arun Malhotra, senior vice president, sales and customer care, automotive sector, M&M.

In addition to low interest rates, Mahindra customers can avail of vehicle finance under the 'Corp Mobile Scheme' of Corporation Bank.

MNAL customers can now avail of a loan of up to 85 per cent of the price of the vehicle. "Moreover, the bank’s vast national network of 1,048 branches will also help us make further inroads in upcountry markets,” said Akhilesh Kumar Gupta, vice president (sales and marketing), MNAL.