Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, has signed a Preferred Financier agreement with J&K Bank. The Memorandum of Understanding (MoU) would enable Mahindra customers to avail vehicle finance from any of the branches of the Bank. The MoU was signed by Mr. Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. and Mr. Pushap Kumar Tickoo, President, J&K Bank in the presence of Mr. Abdul Hamid Banday, Executive President of the bank and Mr. Jyoti Malhotra, Sr. G.M – Sales (North Zone), Automotive Division, Mahindra & Mahindra Ltd.
The tie-up will enable both M&M Ltd. and J&K Bank to leverage on the inherent strengths of each other’s vast network of over 250 dealer outlets and 685 branches respectively across India. In Jammu & Kashmir, Mahindra & Mahindra has a network of 6 Dealers and J&K Bank has 577 Branches.
Speaking on the occasion, Abdul Hamid Banday, Executive President, J&K Bank said, “J&K Bank is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative. Customers of J&K Bank will benefit from this tie-up since they will have privileged access to the specialized services of M&M.”
“This partnership will definitely benefit customers. We have customized a comprehensive product catering to the varied needs of this niche customer base. We will promote it proactively offering competitive interest rates and we expect to increase our portfolio considerably in this segment”, said Pushap Kumar Tickoo, President, J&K Bank, after putting in his signatures on the MoU.
Speaking on the tie-up, Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. said, “At Mahindra, we relentlessly look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. J&K Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers”.