Basic HTML Version
MOTORINDIA
l
February 2012
127
“With highly competitive schemes
for car loans and commercial vehi-
cles we are hopeful of a good re-
sponse from our dealers and cus-
tomers.”
– Mr. Arun Malhotra
M&M pact with IOB for
vehicle financing
Mahindra & Mahindra Ltd. has an-
nounced a Preferred Financier agree-
ment with Indian Overseas Bank
(IOB). The memorandum of under-
standing (MoU), signed by the two
parties, will enable M&M custom-
ers to avail of vehicle finance serv-
ices from any of the 2,000+ branches
of IOB. The tie-up will enable both
of them to leverage on the inherent
strengths of each other’s vast net-
work of 250+ dealerships as well as
2,000+ branches respectively.
The MoU was signed by Mr. M.S.
Raghavan, General Manager, Mr.
K. Subrahmanyam, General Manag-
er, Indian Overseas Bank, and Mr.
Arun Malhotra, Sr. Vice President,
Sales & Customer Care, Mahindra
& Mahindra Ltd.
Speaking on the occasion, Mr.
Subrahmanyam observed: “We are
offering the latest and best schemes
to Mahindra customers under which
the customer can avail of up to 90%
on road cost funding of the vehicle,
with 5-7 years repayment options.
As a special gesture the bank has
waived off 50% processing fee for
all our customers. For our SRTO
(small road transport operator)
friends we have done away with the
compulsory requirement of a third
party guarantor / collateral with ap-
plicability of the CGTMSE scheme.
We are hopeful that with such
competitive and customer-friendly
schemes we will be able to make
inroads into Mahindra counters in a
short span of time and strengthen the
relationship with M&M Automotive
Sector and their customers”.
Mr. Raghavan said the bank’s
Pushpaka scheme offered excellent
terms for owning vehicles by indi-
viduals, and “we look forward to
reach out to a lot more customers
with this offering”.
w
vehicle finance
Mr. K. Subrahmanyam, General Manager, IOB (right), exchanging docu-
ments with Mr. Arun Malhotra, Sr. Vice President, Sales & Customer
Care, Mahindra & Mahindra Ltd., after signing the MoU.