Mahindra & Mahindra Ltd. inks a Memorandum of Understanding (MoU) with the State Bank of India (SBI). This enables Mahindra to launch unique financial schemes from its range of small commercial vehicles. SBI’s Contactless Lending Platform technology will also help in ensuring full transparency and uniformity. Mahindra will also leverage SBI’s wide presence in the country. This will help provide this service across the length and breadth of the country. These financial offerings will enable the customers to have the desired impetus and confidence to make purchases in this festive season. Mahindra’s top-selling brand names under the commercial segment, such as SUPRO Profittruck, Jeeto and PickUp, will attract more customers to join their umbrella.
Salient Features Of This MoU with the State Bank of India
Mahindra has mentioned that the loan approval process won’t be longer than 59 minutes. They have set up a very convenient and hassle-free approach that will aid the customers in each and every manner. Customers will get an EMI option as low as INR 6,666 (for a loan amount of INR 3.45 lakh) with an 11.5 per cent interest rate.
For the customers’ peace of mind, Mahindra is providing loan tenure of up to 6 years, which also includes a one-month moratorium period. Customers will have the option to opt for a higher loan amount of up to 85 per cent of the vehicle’s on-road price. Mahindra is mainly focussing on the rural areas, where customers lack these facilities. SBI’s strong presence in the country will help fulfil this target.
Mahindra’s Commercial Range Of Products
The most recent launch under this segment is the SUPRO Profittruck. Mahindra claims that this truck is affordable, more powerful, boasts of a greater payload capacity and higher mileage and thereby higher profit to the customers. Another top-selling product is the Bolero PickUp truck range. Under this, a wide variety of vehicles like Single cabin, Double cabin, AC, 4WD, and CNG options are available.
- Mahindra Supro Profit Truck gets 2 hours service guarantee.
- Mahindra’s July 2021 sales report for Automotive & Tractor division.