Mahindra & Mahindra Ltd. (M&M Ltd.) has signed a Preferred Financier agreement with Abhyudaya Co-operative Bank, Manchar. 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. Ajay Budki, Sr. GM – Sales, West Zone, Automotive Division, Mahindra & Mahindra Ltd. and Mr. V.S. Morye, Chairman, Abhyudaya Co-operative Bank in the presence of Shri P. S. Salian, GM Credit department, of the bank and Mr. Nitin Mehta, D.G.M – Sales, Mumbai Area office, Automotive Division, Mahindra & Mahindra Ltd.
The tie-up will enable both M&M Ltd. and Abhyudaya Co-operative Bank to leverage on the inherent strengths of each other’s vast network. Mahindra & Mahindra has a network of over 29 dealer outlets and 90 branches respectively across Maharashtra and Abhyudaya Co-operative Bank has 111 Branches.
Standing Left to Right: -. Mr. N. M. Prabhu, Vice Chairman Abhyudaya Co-operative Bank, Mr. V.S. Morye, Managing director, Abhyudaya Co-operative Bank, Mr. Ajay Budki, Sr. GM – Sales, West Zone, Automotive Division, Mahindra & Mahindra Ltd.
Speaking on the occasion, Mr. V.S. Morye, Managing Director, Abhyudaya Co-operative Bank said, “Abhyudaya Co-operative 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 Abhyudaya Co-operative 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 P.S. Salian, GM Credit Department, Abhyudaya Co-operative Bank, after putting in his signatures on the MoU.
Speaking on the tie-up, Mr. Ajay Budki, Sr. GM – Sales, West Zone, 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. Abhyudaya Co-operative Bank offers one of the best products and services at better rates than most financiers. With such highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers”.