M&M signs MoU with Oriental Bank of Commerce for vehicle financing

August 17, 2012:Mahindra & Mahindra (M&M) has signed a Preferred Financier agreement with Oriental Bank of Commerce (OBC), one of the largest public sector banks in the country. Under the tie-up, M&M customers will be able to avail of vehicle finance services from any of OBC’s1,808 branches across India. The MOU was signed by ArunMalhotra, senior vice-president (sales &customer care) M&M and AtulGautam, general manager, Oriental Bank of Commerce.

Commenting on the tie-up, S L Bansal, chairman and managing director of OBC, said: “Oriental Bank of Commerce is expanding its operations in commercial and passenger vehicle financing. OBC has attractive schemes for financing, both in terms of interest rate and margin norms for purchasers of M&M vehicles. The convergence of both the organisations will benefit customers a great deal.”

Speaking on the tie-up,M&M’s ArunMalhotra said: “At Mahindra, we always 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. With (OBC’s) highly competitive schemes for car loans and commercial vehicles with up to 80percenton-road funding and facility for repayment up to 84 months, we are hopeful of a good response from our dealers and customers.”

Photograph: L-R: Ravi Taneja, DGM (Retail credit & JV department), OBC; C M Khurana, chief GM, OBC; AtulGautam, GM (Retail credit), OBC; S L Bansal, CMD, OBC; ArunMalhotra, senior VP (Sales & customer care), Mahindra & Mahindra; and JyotiMalhotra, senior GM (Sales – North Zone), M&M.