April 10: Mahindra & Mahindra (M&M) has signed a preferred financier agreement with Karur Vysya Bank (KVB) to enable M&M customers to avail of vehicle finance services from any of the 450-plus branches of KVB. The MOU was signed by K V Rao, GM of Karur Vysya Bank and Atul Sinha, senior GM – sales south, M&M, in the presence of K Venkataraman, MD & CEO, KVB and V Krishnaswamy, president & COO, KVB.
The tie-up will enable both M&M and Karur Vysya Bank to leverage each other’s network of over 250 dealerships and 450-plus branches, respectively.
Speaking on the occasion K Venkataraman said: “KVB is expanding its operations in commercial and passenger vehicle financing. KVB is coming out with an attractive package for purchasers of Mahindra vehicles. The bank will provide loans at a comparatively low EMI.”
Speaking on the tie-up, Arun Malhotra, senior VP, Sales and Customer Care, Automotive Division, M&M, said: “KVB’s specialised rates for bus operators, educational institutions and Medium and Small Enterprises will help Mahindra BOP and CV product range customers. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers.”