Tag: partnerships

M&M ties up with SBI for small CV financing, BFSI News, ET BFSI

Personal Finance

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New Delhi: Mahindra & Mahindra (M&M), one of the top commercial vehicle manufacturers in India, on Monday inked a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to offer financial assistance for the purchase of M&M’s range of small commercial vehicles and PickUps. SBI’s Contactless Lending Platform technology will further ensure uniformity, transparency and a reduced turnaround time in the loan approval process, the automaker said in a release.

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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FREO partners with HDB Financial Services to offer lending solutions to new-age customers, BFSI News, ET BFSI

Banking & Finance

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FREO, India’s Neobank, formerly known as MoneyTap, has partnered with HDB Financial Services (HDBFS) to cater to the evolving financial needs of new-age consumers. Through this association, FREO will be providing customers with two innovative credit products: a credit line and a high-ticket personal loan across multiple cities in India. HDBFS in partnership with FREO will offer a credit line that enables consumers to get access to credit anywhere, anytime via a smartphone.An individual will get a personalized amount approved which they can start using immediately. As they repay the borrowed amount, the credit limit is replenished and they can continue withdrawing as much as they need. Furthermore, interest is levied only on the amount the consumer uses, and not the overall limit they have been given. The partnership also offers consumers high-ticket personal loans of up to INR 10 lacs, which can be utilized for bigger expenses such as home renovation, buying a vehicle, planning a trip, and so forth.

Bala Parthasarathy, Co-Founder, FREO, said, “Partnerships with banks and reliable financial institutions play a pivotal role in building the Fintech ecosystem, making credit easily accessible for unbanked customers and helping them save and spend smartly throughout their financial journey. In sync with this vision, we have collaborated with HDB Financial Services Ltd and aim to deliver a complete digital financial journey to customers which is easy and flexible. We are delighted with this partnership and look forward to transforming the fintech ecosystem together in the times to come.”

G Ramesh, MD & CEO, HDB Financial Services, said, “The HDBFS-FREO partnership is aimed at ensuring hassle-free access to credit to meet the ever-evolving needs of our customers across India and fulfill their aspirations. We have a strong presence in more than 950 locations with over 1300 branches pan-India. The association is a great step towards boosting the overall customer experience by providing them with easy finance through digital channels”.



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ICICI Prudential Life Insurance optimistic about growth opportunities in FY22

Banking & Finance

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ICICI Prudential Life Insurance is optimistic about growth opportunities this fiscal despite the second wave of the Covid-19 pandemic that has impacted many lives and livelihood.

“Our aspiration of doubling the value of new business (VNB) growth by 2020-23 is guided by APE growth or overall topline premium growth. We need to typically grow at 25 per cent to 28 per cent on VNB annually for next two years,” said Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, adding that margin expansion now has limited scope for growth.

In an interaction with BusinessLine, Palta said the insurer registered its best ever month in March 2021, but growth was impacted from the second-half of April as the Covid-19 case load spread.

However, there has been improvement in the last few weeks of May.

Also read: Budget proposal has not affected ULIP segment of ICICI Pru Life: MD and CEO

According to IRDAI data, ICICI Prudential Life Insurance registered a 38.55 per cent growth in first year premium in the first two months of the fiscal upto May 31, 2021 though it declined by 3.93 per cent for the month of May 2021.

Palta said he expects growth to continue based on the additional width in distribution the insurer has set up, a positive environment and the momentum in insurance sales that was seen from the second half of 2020-21.

The insurer added over 100 partnerships last fiscal, which it believes will help distribution and spur growth.

Bancassurance partnerships

In terms of bancassurance partnerships, it tied up with IndusInd Bank, AU Small Finance Bank, IDFC First Bank, RBL Bank and NSDL Payments Bank. It also tied up with distributors including PhonePe and Wealth India Financial Services as well as insurance broking entities —BSE EBIX and Magnum Insurance Broking.

“These partnerships have enabled us to increase our distribution footprint. Specifically, our 23 bancassurance partnerships have enabled us to expand our reach to 16.2 crore bank customers with a footprint of about 12,000 branches,” Palta said.

Partnerships with IndusInd Bank, IDFC First Bank, AU Small Finance Bank and RBL Bank are significant for the insurer. “We got them operational towards the last quarter and we see them as contributing to our growth vision,” Palta said.

About 33 per cent of the business for ICICI Prudential Life Insurance comes from ICICI Bank and another 11 per cent from bancassurance tie-ups with other banks.

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