Home grown auto-major Mahindra & Mahindra has entered into a preferred financier tie-up with the 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, Mahindra & Mahindra (M&M) said in a statement.
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 4,600 branches and 250 dealers, respectively, it added.
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.”
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 specialised services of M&M.”