Mahindra Last Mile Mobility Limited (MLMML) and Punjab National Bank (PNB) have signed a Memorandum of Understanding to provide vehicle financing solutions, aimed at improving access to last-mile connectivity options across India.
The agreement enables PNB to offer financing for MLMML's complete vehicle range through its network of over 10,000 branches. The bank will provide customized finance schemes and flexible repayment schedules, with particular focus on semi-urban and rural markets.
MLMML recently crossed 3 lakh commercial electric vehicle sales, marking the first time any company in India has achieved this milestone. The company manufactures electric small commercial vehicles including the Treo range, Zor Grand, and e-Alfa, alongside petrol, CNG, and diesel variants.
Suman Mishra, Managing Director and CEO of Mahindra Last Mile Mobility Limited, commented, "We are pleased to partner with PNB and enable access to their comprehensive finance solutions for our valued customers. This collaboration will support MLMML's commitment to making advanced last mile mobility vehicles affordable and seamless for all."
Ashok Chandra, MD & CEO, PNB, said, "We are delighted to join hands with Mahindra Last Mile Mobility Limited to make eco-friendly transportation solutions more accessible. This partnership reflects our dedication to sustainable practices and customer-centric financial offerings. Together, we aim to simplify the purchase journey for customers and accelerate the adoption of electric vehicles in India."
PNB, established in 1894, is India's second-largest public sector bank. MLMML is a subsidiary of Mahindra & Mahindra Ltd and holds the position of India's leading electric small commercial vehicle manufacturer.