Mahindra Enters into Preferred Financier Agreement with SIB for Vehicle Finance

MUMBAI:
Mahindra & Mahindra Ltd. (M&M Ltd.), part of the USD 19 billion Mahindra Group, has signed a Preferred Financier agreement with South Indian Bank. The Memorandum of Understanding (MoU) will enable Mahindra customers to avail vehicle finance from any of the branches of the Bank.
The MoU was signed by Amit Sagar, Vice President – Sales, Automotive Division, Mahindra & Mahindra Ltd. and Sanchay Kumar Sinha, Country Head, Retail Banking Department, South Indian Bank in the presence of John C.A., DGM, RBD Sales, South Indian Bank and Naveen Bathla, GM, Channel Finance & DBD, Automotive Division, Mahindra & Mahindra Ltd. The tie-up will enable both Mahindra and South Indian Bank to leverage on the inherent strengths of each other’s vast Pan India network. Mahindra has a network of over 1800 outlets and South Indian Bank has 855+ Branches.
Speaking on the occasion, Sanchay Kumar Sinha, Country Head, Retail Banking Department, South Indian Bank said, “South Indian Bank is expanding its operations in vehicle financing. It has been making niche offerings to its customers and this arrangement with Mahindra will be one such special initiative. Customers of South Indian Bank will benefit from this tie-up since they will have privileged access to the specialized services of M&;M.”
Speaking on the tie-up, Amit Sagar, Vice President – Sales, Automotive Division, Mahindra & Mahindra Ltd. said, “At Mahindra, we relentlessly look at options to provide the best finance schemes to our customers and give them the power of choice. This strategic partnership is a step in the same direction. South Indian Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans, we are hopeful of a good response from our dealers and customers”.