SBoP signs MoU with Mahindra & Mahindra for vehicle finance

State Bank of Patiala today said it has signed an MoU with Mahindra & Mahindra for vehicle finance.
Under this tie up, customers of Mahindra & Mahindra could avail vehicle loan from any of the 1,175 branches of the bank.
"This is an innovative step towards providing better customer satisfaction. Both the parties have mutually agreed to pool their resources together to promote, market and make available organised finance facility at competitive interest rates to customers," bank's MD S A Ramesh Rangan said.
Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd, said, "Eighty per cent of all our vehicles are financed of which PSU banks contribute 15 per cent, which make them an important partner for us and a key sales enabler.