Mahindra & Mahindra Ltd. has entered into a preferred financier tie-up with Central Bank of India. The memorandum of understanding (MoU) will enable Mahindra customers to benefit from tailor-made schemes of Central Bank, viz., Cent Sahyog, Cent Vehicle and SRTO schemes for purchase of three-wheelers, cars and commercial vehicles.
The MoU was signed in Mumbai by Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd., and Mr. Narinder Singh, General Manager – Retail Banking, Central Bank of India, in the presence of Mr. Mohan V. Tanksale, Chairman and Managing Director, Central Bank of India, Mr. Malay Mukherjee, Executive Director, Central Bank of India, Mr. R.K. Goyal, Executive Director, Central Bank of India, and Mr. Naveen Bathla, D.G.M., Channel Finance and D.B.D., Automotive Division, Mahindra & Mahindra Ltd.
The tie-up will enable both M&M Ltd. and Central Bank of India to leverage on the inherent strengths of each other’s vast network of over 250 dealers and 4,300 branches across India.
Speaking on the occasion, Mr. Mohan V. Tanksale observed: “Central Bank of India is continuously expanding its operations in commercial and passenger vehicle financing, duly suiting to the needs of all segments of customers through its various tailor made loan products. This tie-up will mutually benefit both the organizations by helping them extend better services to customers”.
Mr. Narender Singh said that this arrangement will be promoted for the benefit of customers at the most competitive interest rates.
Speaking on the tie-up, Mr. Arun Malhotra commented: “At Mahindra, we always look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. Central Bank of India offers innovative products and services at affordable rates. With highly competitive schemes for car loans, three wheeler loans and commercial vehicle loans, we are hopeful of a good response from our dealers and customers.”