Mahindra & Mahindra Ltd. (M&M Ltd.) has entered into a Preferred Financier tie-up with Canara Bank. The Memorandum of Understanding (MoU) will enable Mahindra customers to avail of a car loan from any of the 4,600+ branches of the bank. The MoU was signed by Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. and Mr. R. R. Sharma, Chief General Manager, Canara Bank in the presence of Mr. M. Nagaraju, Deputy General Manager, Retail Assets, Canara Bank and Mr. Rahul Vaidya, Deputy General Manager, Sales Karnataka, Mahindra & Mahindra Ltd.
The tie-up will enable both M&M Ltd. and Canara Bank to leverage on the inherent strengths of each other’s vast pan-India network of 4600 branches and 250 dealers, respectively.
On this occasion, Mr. R. R. Sharma, Chief General Manager, Canara Bank said, “Canara Bank is expanding its operations in passenger vehicle financing. It has been making niche offerings to its customers and this MoU with Mahindra & Mahindra will be one such special initiative. Customers of Canara Bank will benefit from this tie-up since they will have privileged accessed to the specialized services of M&M.”
Speaking on the tie-up, Mr. Arun Malhotra, Chief Sales & Customer Care Officer, 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 tie-up is a step in the same direction. Canara 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”.