Mahindra signs MoU with State Bank of Bikaner & Jaipur

Mr. K. Chandrasekar, Senior Vice President, Corporate Finance, Mahindra & Mahindra Ltd. and Mr. Arun Shandilya, Managing Director, SBBJ exchanging the MOU.

Mahindra & Mahindra Ltd. (M&M), one of India’s leading auto brands, today signed an MoU with the State Bank of Bikaner and Jaipur (SBBJ) for vehicle finance. SBBJ will be a preferred financier for the entire range of Mahindra vehicles, encompassing utility vehicles, pick ups and passenger cars.

From Mahindra, Mr. K Chandrasekar, Senior Vice President, Corporate Finance, Mahindra & Mahindra Ltd., was present at the signing ceremony, along with Mr. Sudhanshu Verma, Head – Trade & Finance, while State Bank of Bikaner and Jaipur was represented by Mr. Arun Shandilya, Managing Director and Mr. M. M. Sehgal, GM -Planning and Development.

“We are delighted to partner with the State Bank of Bikaner and Jaipur (SBBJ) as it will provide our customers with additional retail finance options. Low interest rates and low processing fee are some of the benefits of opting for SBBJ as a preferred financier. The bank’s vast pan India network of 860 branches will also help us make further inroads in upcountry markets,” said Mr. K. Chandrasekar, Senior Vice President, Corporate Finance, Mahindra & Mahindra Ltd.

Customers can avail of a loan up to 85% of the on road price of the vehicle, with a tenure of up to 7 years. They can also avail of low interest rates amounting to 12% for passenger vehicles and 11.75% for commercial vehicles. 

M&M’s Automotive Sector makes a wide range of vehicles including MUVs, LCVs and three wheelers. It also manufactures the Logan passenger car through a JV with Renault SA of France. Mahindra is the largest manufacturer of MUVs, offering over 20 models including new generation utility vehicles like the Scorpio and the Bolero. The company is a market leader in the Utility Vehicle segment. Over the years, Mahindra has been steadily growing in stature as an international automotive major.

About The Mahindra Group
The US $6.7 billion Mahindra Group is among the top 10 industrial houses in India. Mahindra is the market leader in multi-utility vehicles in India. It made a milestone entry into the passenger car segment with the Logan. Mahindra & Mahindra is the only Indian company among the top tractor brands in the world.

The Group has a leading presence in key sectors of the Indian economy, including the financial services, trade, retail and logistics, automotive components, after-market, information technology and infrastructure development. Mahindra has made an entry in the two-wheeler segment which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry.

Mahindra's Farm Equipment Sector is the proud recipient of the Japan Quality Medal, the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize. The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list. Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08.