Tag: Mahindra Finance

Mahindra Finance launches vehicle leasing, subscription business

Banking & Finance

[ad_1]

Read More/Less


Mahindra & Mahindra Financial Services on Wednesday announced the launch of its leasing and subscription business Quiklyz.

“This venture is a new-age digital platform for vehicle leasing and subscription, that aims to provide great convenience, flexibility and choice to customers across cities,” it said in a statement.

It provides a digital journey on car usership with which the customer can access a brand-new car without purchasing it. Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, road-side assistance. It will be available for both corporate (B2B) and retail (B2C) customers.

In the initial phase Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida and Pune. It will expand to other cities, including tier-II cities, covering 30 locations over the next one year. It is also in discussions with several automotive OEMs.

Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, said, “We aim to achieve a book size of ₹10,000 crore in a span of three to five years. Leasing is seeing significant traction in the last mile mobility space especially with EVs, something our business module will also focus on.”

Turra Mohammed, SVP and Business Head – Quiklyz, said at present leasing accounts for 10 per cent of corporate registered vehicles. “We expect it to grow to 20-25 per cent share in the next five years. We will leverage Mahindra Group’s extensive network to expand Quiklyz to 30 cities within a year,” he said.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Mahindra & Mahindra Financial Services Q2 net profit up at ₹1,103 crore

Banking & Finance

[ad_1]

Read More/Less


Mahindra & Mahindra Financial Services consolidated net profit surged by 212.9 per cent to ₹1,102.94 crore in the second quarter of the fiscal. Its net profit was ₹352.51 crore in the same period last fiscal.

However, its total income declined by four per cent to ₹2,951 crore during the quarter ended September 30, 2021, as against ₹3,071 crore during the corresponding quarter last year.

“During the quarter, the company increased its shareholding in Ideal Finance Limited (IFL), Sri Lanka from 38.2 per cent to 58.2 per cent. IFL is now a subsidiary of the company. This stake increase has resulted in revaluation of existing equity stake in IFL, which led to a one-time revaluation gain of Rs 21 crore, which is shown as exceptional item in the second quarter 2021-22 consolidated financials,” Mahindra Finance said in a statement on Thursday.

Disbursements grew by 61 per cent year on year on year to ₹6,475 crore in the second quarter of the fiscal. “But for the supply side issues, the disbursements would have grown further,” the company added.

It also reported improvement in collection efficiency month on month – 95 per cent in July, 97 per cent in August and peaking at 100 per cent in September.

The company has a restructured book of 1,04,130 contracts as on September 30, 2021 with an underlying AUM of ₹4,390 crore.

Out of these, 96,391 contracts are classified in Stage-2 as the company believes that the stress in these contracts is temporary, caused by second wave of Covid-19, Mahindra Finance said.

As collection efforts intensified, the gross non performing assets improved sequentially to 12.7 per cent as on September 30, 2021 from from 15.5 per cent as on June 30, 2021.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Lenders get set for festive season; offer home, vehicle, gold loans at attractive rates, BFSI News, ET BFSI

Banking & Finance

[ad_1]

Read More/Less


Lenders in the BFSI space are gearing up for the festive season, offering reduced interest rates on home and vehicle loans, and other discounts to customers.

Punjab National Bank, State Bank of India and Kotak Mahindra Bank are among the banks providing festive offers, while Mahindra Finance is among the non-bank lenders offering discounts on its loan products.

Also read: Ahead of festive season, banks slash interest rate on home loans. Get the details here

Here are the latest updates, so far, this week:

Mahindra Finance
Mahindra Finance on Wednesday launched festive offers on its vehicle loans for two months, providing offers and discounts to customers at competitive rates.

‘Shubh Utsav’ has been launched with immediate effect, and will continue till the end of November. It has special finance schemes, specifically for customers who plan to avail vehicle loans during these two months.

The offers can be availed across India. Below are the offers:
>SUV Loans (Mahindra brand) at interest rates starting 7.35%

>Up to 100% funding

>Loan tenure up to 7 years

>Buy now and pay after 60 days

>50% waiver on processing fees

>Pre-owned car loans at interest rates starting 12%

>Loan on tractor Implements at zero processing fee

>Quarterly and half yearly EMI for select customers for Car and Tractor loans

Punjab National Bank

PNB on Wednesday cut its gold loan rates by 145 basis points, and is now offering loans against sovereign gold bond at 7.20% and against gold jewellery at 7.30%.

The bank is also offering a full waiver of service charges and processing fee on the loans against gold jewellery and sovereign gold bond.

Earlier, the bank, as part of its festive offers, had announced a cut in home loan rate, which now starts from 6.60%, car loan rate, starting from 7.15%, and personal loan rate, from 8.95%.

ICICI Bank

ICICI Bank on Tuesday announced the launch of ‘Home Utsav’, a virtual property exhibition that digitally showcases real estate projects across cities. The exhibition will offer convenience to prospective home buyers as they can select their home by browsing through projects, approved by the bank, and avail benefits.

The offer is from October 7,2021, to December 31, 2021.

Attractive interest rate on home loans, special processing fees and digital sanction of loans and exclusive offers from developers are among the benefits that are being offered to the customers.

Furthermore, anyone, including those who are not customers of ICICI Bank, can avail of these benefits on buying a property through the exhibition, the bank said. Customers of ICICI Bank can further avail for the bank’s pre-approved home loan offers.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , , , , ,

Mahindra Finance reports 100% collection efficiency in September, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Mahindra Finance, the NBFC arm of the Mahindra Group has reported a 100% collection efficiency for the month of September, as per latest figures revealed by the company. This is on the back of improvement in mobility during September even as the economy opens up post Covid.

The company’s September collection efficiency is an improvement over the levels of 95% and 97% in July and August, 2021 respectively. This has resulted in the further reduction in the NPA contracts during September, a trend which the company feels will continue in the third quarter of FY22.

During September, the company’s total disbursement stood at Rs 1900 crore, a growth of 23% on a YOY basis, albeit on a lower base in FY21 due to the first wave of the pandemic. During Q2 of FY22, the total disbursement stood at Rs 6450 crore, a 60% YOY growth over Q2 of FY21.

Mahindra Finance is hopeful of a good third quarter of FY22, subject to improvement in the auto supply chain as well as a good festive season and harvest cashflow. The company mentioned that it enjoyed a comfortable liquidity position on its balance sheet as on 30th September, 2021.

Follow and connect with us on , Facebook, Linkedin



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , ,

Mahindra Finance forays into vehicle leasing, subscription business

Banking & Finance

[ad_1]

Read More/Less


Mahindra and Mahindra Financial Services on Thursday announced its entry into the leasing and subscription business. “The new vertical would operate under the brand name Quiklyz,” it said in a statement.

Under the leasing and subscription model, consumers would pay a monthly fee to access the vehicle of their choice across all car brands, at a lower price point compared to regular car ownership.

“Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models,” the company noted in the statement.

Also read: Paytm Money launches wealth and investment advisory marketplace on its platform

Mahindra Finance and Mahindra Group ecosystems would give an edge to Quiklyz with the business utilising all common infrastructure of Mahindra Finance.

Making it convenient for consumers

Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance said, “With Quiklyz, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike.”

The company expects that the changing millennial mind-set, asset light business models, car scrappage policy, rapid vehicle launches by automotive OEMs, emergence of EVs and sharply reducing average holding period of new cars will accelerate leasing and subscription.

Also read: Maruti Suzuki launches ‘Suzuki Connect’ for its Arena customers

“A very important set of consumers for our new business will be the millennials who aspire to not only owning a vehicle, but to do so in a hassle-free manner,” said Turra Mohammed, SVP and Head, Leasing and Subscription, Mahindra Finance, adding that for corporates as well, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Mahindra Finance enters vehicle leasing and subscription business, calls it ‘Quiklyz’, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Mahindra Finance and Mahindra Group ecosystems would give an edge to ‘Quiklyz’ with the business using all common infrastructure of Mahindra Finance.

Mahindra & Mahindra Financial Services Ltd today announced its entry into vehicle leasing and subscription business, under the brand name ‘Quiklyz‘.

Under this model, consumers can pay a monthly fee to access a vehicle of their choice across all car brands, at a lower price as against regular ownership.

“With ‘Quiklyz’, we aim to make the process of ownership convenient for our consumers both for individual and corporate segments alike. I am confident ‘Quiklyz’ will add substantial value to our existing financial business portfolio as we aspire to tap all emerging opportunities in this space,” said Ramesh Iyer, vice chairman and managing director.

Changing millennial mindset, asset light business models, car scrappage policy, rapid vehicle launches by automotive OEMs, emergence of EVs and sharply reducing average holding period of new car are expected to accelerate leasing and subscription as owners look at alternate ways of vehicle access without treating it as a long-term commitment.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,

Mahindra Finance appoints Raul Rebello as new Chief Operating Officer

Banking & Finance

[ad_1]

Read More/Less


Mahindra & Mahindra Financial Services Limited (also called MMFSL and Mahindra Finance), part of the Mahindra Group, today appointed Raul Rebello as its new Chief Operating Officer (COO) with immediate effect. This is after the movement of Rajnish Agarwal to Mahindra Rural Housing Finance Ltd (MRHFL).

Rebello is a career banker with nearly two decades of experience in the domain of rural banking and financial inclusion. Prior to joining Mahindra Finance, he was associated with Axis Bank Limited as EVP & Head – Rural Lending & Financial Inclusion.

Also see: SEBI bans Kotak Mahindra AMC from launching FMP for 6 months

Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance, said, “It is our pleasure to welcome Raul to the leadership team of Mahindra Finance. As we work deep in the rural market, the next 3-4 years could really be critical with a good rural bounce back, capitalising on all emerging opportunities in the rural market. We are broad basing our management team to be able to handle all our new initiatives, to really go deeper, and make the rural market bigger for us.”

Raul Rebello, COO, Mahindra Finance, said, “I am absolutely delighted to be part of the diversified Mahindra Group and Mahindra Finance in particular. The plans we have discussed for the financial arm and its subsidiaries are challenging, yet exciting. I see significant potential in the combination of my core business expertise and MMFSL’s resident knowledge and people. I am confident that we will add considerable value together and look forward to a mutually rewarding association”.

In his nearly two decades with Axis Bank, Rebello led key businesses including farmer funding, gold loans, MSME lending, commodity loans, tractor & farm equipment lending, agri-value chain finance, microfinance (retail & wholesale) and the financial inclusion department. He also led the business correspondent channel including 15000+ partner outlets and the micro ATM channel of the bank. He played a pivotal role in increasing the banks distribution in rural and semi-urban areas through light format banking outlets, micro-ATMs and rural ecosystem partnerships.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Mahindra Finance appoints Raul Rebello as new Chief Operating Officer, BFSI News, ET BFSI

Personal Finance

[ad_1]

Read More/Less


Mahindra & Mahindra Financial Services Ltd, today announced the appointment of Raul Rebello as its new Chief Operating Officer (COO) with immediate effect. This is post the movement of Rajnish Agarwal to Mahindra Rural Housing Finance Ltd (MRHFL).

Raul Rebello, COO, Mahindra Finance said, “I am absolutely delighted to be part of the diversified Mahindra Group and Mahindra Finance in particular. The plans which we have discussed for the financial arm and its subsidiaries are challenging, yet exciting. I see significant potential in the combination of my core business expertise and MMFSL’s resident knowledge and people. ”

Raul is a career banker with nearly two decades of extensive work in the domain of Rural banking and Financial Inclusion. Prior to joining Mahindra Finance, he was associated with Axis Bank Limited as EVP & Head- Rural Lending & Financial Inclusion.

In his nearly two decades with Axis Bank, Raul led key businesses including Farmer Funding, Gold Loans, MSME lending, Commodity loans, Tractor & Farm Equipment lending, Agri-Value chain finance, Microfinance (Retail & Wholesale) and the Financial Inclusion department.

He also played a pivotal role in increasing the Banks distribution in Rural and Semi-Urban areas through light format Banking outlets, Micro-ATMs and Rural ecosystem partnerships.

Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance said, “It is our pleasure to welcome Raul to the leadership team of Mahindra Finance. As we work very deep into the rural market, the next 3-4 years could really be critical with a good rural bounce back. We are broad basing our management team to be able to handle all our new initiatives and make the rural market bigger for us”.



[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , , ,

Mahindra Finance: Macro sentiments turning positive in July

Banking & Finance

[ad_1]

Read More/Less


Mahindra and Mahindra Financial Services said it has witnessed an improvement in macro sentiments in July with normalcy returning to the economy as the second wave of the Covid-19 pandemic subsided.

It also expects a significant reduction in a number of NPA contracts in August and September with improved mobility and customer cash flows.

“The NPA contract counts are showing stability and a declining trend,” the NBFC said in a stock exchange filing on Wednesday.

The disbursement during the month at about ₹2,400 crore, more than doubled over a smaller base in July 2020, it further said.

Mahindra Finance also reported an improvement in collection efficiency to about 95 per cent, up from nearly 90 per cent in June 2021, it further said.

With the second wave of the Covid-19 pandemic impacting the semi-urban and rural markets, Mahindra Finance had reported a consolidated net loss of ₹1,573.4 crore in the first quarter of the fiscal.

The gross NPAs were higher at 15.5 per cent as on June 30, 2021 versus 9 per cent as of March 31, 2021.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , ,

Mahindra Finance posts Q1 net loss of ₹1,573 crore

Banking & Finance

[ad_1]

Read More/Less


Amidst Covid related stress in rural and semi-urban markets, Mahindra & Mahindra Financial Services reported a consolidated net loss of ₹1,573.4 crore in the first quarter of the current fiscal against net profit of ₹432.12 crore in the corresponding period in 2020-21.

Total income declined 16 per cent to ₹2,567 crore during the quarter ended June 30, against ₹3,069 crore in the corresponding quarter last year.

To cover any contingencies due to the Covid-19 pandemic, the company carried an additional overlay of ₹2,709 crore (pre-tax) in the standalone financial statements and ₹2,808 crore (pre-tax) in the consolidated financial statements as of June 30.

Noting that the second wave of Covid had a severe impact on the semi-urban and rural markets, where it has major operations, Mahindra Finance said for the first quarter , disbursements dropped 35 per cent on a sequential basis to ₹3,872 crore, though it grew 42 per cent on a year-on-year basis.

Gross non-performing assets were higher at 15.5 per cent as on June 30, compared to nine per cent as of March 31, 2021.

“The company believes that the elevated NPAs are not a reflection of any credit risk increase but are purely delays caused by liquidity situation. Our experience in the past has always shown a return to normalcy by these segments of customers once their earnings stabilise,” Mahindra Finance said in a statement, adding that as the market conditions normalise over the next few quarters.

During the first quarter, it implemented resolution plans to relieve Covid -19 related stress of eligible borrowers in 59,455 loan accounts with a total outstanding of ₹2,172 crore.

[ad_2]

CLICK HERE TO APPLY

Leave a comment , , , , ,
1 2