Mahindra & Mahindra ties up with Canara Bank as a preferred financier for car loans

India’s leading SUV manufacturer Mahindra & Mahindra Ltd (M&M Ltd) has entered into a Mémorandum of Understanding (MoU) with the Indian state-owned Canara bank thus enabling several of its customers to avail for a car loan from any of the 4,600 plus branches of the bank. The nationalised bank has thus become a preferred financier for the M&M Ltd.

Speaking on this occassion, RR Sharma, Chief General Manager, Canara Bank says, “Canara Bank is expanding its operations in passenger vehicle financing.  It has been making niche offerings to its customers and this MoU with M&M Ltd will be one such special initiative.  Customers of Canara Bank will benefit from this tie-up since they will have privileged accessed to the specialised services of M&M.”

Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. explains, “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”.

This tie-up will enable both M&M Ltd and Canara Bank to strengthen their customer base further by exploring each other’s vast pan-India network of 4,600 branches and 250 dealers, respectively.