India’s leading utility vehicle manufacturer, Mahindra & Mahindra has collaborated with Canara Bank for Preferred Financier. The Indian auto major has signed a Memorandum of Understanding with the Canara Bank that will facilitate the Mahindra car customers to take the advantage of getting car loans from the extensive network of more than 4,600 branches of the Canara bank. The Memorandum of Understanding was signed by Mahindra & Mahindra’s Chief Sales & Customer Care Officer of the Automotive Division, Mr. Arun Malhotra and the Chief General Manager of Canara Bank, Mr. R. R. Sharma, while Mahindra’s Deputy General Manager of Sales in Karnataka, Mr. Rahul Vaidya and the Deputy General Manager of Retail Assets of Canara Bank, Mr. M. Nagaraju were also present.
This financial partnership between Mahindra & Mahindra and the Canara Bank will enable both to take the fullest benefits of their extensive network present all across the country that consists of the automaker’s 250 dealership outlets and the bank’s over 4600 branches.
While commenting on this very beneficial partnership, the Chief General Manager of Canara Bank Mr. R. R. Sharma said that the Canara Bank is venturing in the expansion of its operations in financing for the passenger vehicles. The bank has been offering great benefits to its customers and the tie up with Mahindra & Mahindra is a part of this special initiative. While the Mahindra customers can avail loans from the Bank, the customers of the Canara Bank will also benefit from this partnership, as they will be able to take the advantage of honorary access to the special services of Mahindra & Mahindra.
While speaking on this important partnership, the Chief Sales & Customer Care Officer at the Automotive Division of Mahindra & Mahindra, Mr. Arun Malhotra said that the company is constantly searching for various options in order to be able to offer the best financing schemes to the company’s valued customers as well as also provide them multiple choices. This considered tie-up with the Canara Bank is a result of the company’s commitment to this aspect and is a step forward. The Canara Bank is known for its innovative products and great services at very affordable rates. This tie-up will result in highly competitive schemes for car loans at attractive rates, and the company is hopeful that this in turn will garner good responses from the company’s dealers as well as the customers.
Mahindra & Mahindra is working on an extensive range of new products, technology and new engines in both petrol and diesel. The company has major plans to expand its product range in both the Indian car market as well as the international ones. In this huge task, the company’s South Korean subsidiary, SsangYong Motor is helping it.
Mahindra is also increasingly focusing on the development of new electric and hybrid vehicles, and is currently displaying the world’s first diesel hybrid XUV500 SUV and the electric variant of the Verito sedan at the 2014 Auto Expo.