M&M ties up with SBI for small CV financing, BFSI News, ET BFSI
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Amit Sagar, business head – SCV, automotive division, M&M, said, “Our financing scheme is not just unique, but also very pertinent, given SBI’s reach and trust across the length and breadth of the country. This scheme will provide the desired impetus and confidence to our SCV and PickUp customers and help them prosper.”
The collaboration with SBI will allow M&M’s small commercial vehicle customers to avail of loan in a contactless manner with only 59 minutes loan approval process. This will help customers own a superior product with EMI as low as INR 6666 (for a loan amount of 3.45 lakh) and a lower interest rate of 11.5%, the company said.
It also gives flexibility of extended tenure up to six years including a one-month moratorium period also. The customers can opt for a higher loan amount with up to 85% on-road funding. There is no requirement of any third-party guarantor, M&M added.
Along with MSME, small road transport operators and the first-time-buyers of small commercial vehicles can also take benefit from this breakthrough M&M vehicle financing scheme with SBI, the automaker highlighted.
M&M recently launched the SUPRO Profittruck range which is developed on the SUPRO platform. The SUPRO Profittruck range comes in both diesel as well as CNG fuel options. The Jeeto brand launched in 2015,has thus far gone home to 2 lakh customers. In sub 2-tonne load category, it comes with multi fuel options of Diesel, CNG & Gasoline and in two different deck sizes providing an array of options to customers.
Mahindra Bolero PickUp range has been the market leader for over two decades with more than 16 lakh customers, claims the company. Mahindra Bolero PickUp has a wide range of vehicles – Single cabin, Double cabin, AC, 4WD and CNG options along with multiple payload and cargo sizes suiting the customer requirements.
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