Montra Electric, the EV Brand from Murugappa Group, signed an Memorandum of Understanding (MoU), with Telangana Grameena Bank (TGB), to offer strategic vehicle financing arrangement for its customers.
This MoU will enable both Montra Electric and Telangana Grameena Bank to support the customers and make it easier for them to own a Montra Electric Super Auto with loans having lower interest rates and longer tenure.
Telangana Grameena Bank is a Regional Rural Bank sponsored by the State Bank of India.
Under this arrangement, TGB will provide end-to-end financial solutions to the customers of Montra Electric. The Bank will work towards satisfying the customers’ needs through vehicle loans with easy monthly repayment plans best suited for customers.
Commenting on the arrangement, Sushant Jena, Head, Montra Electric 3W Division said, “With the combined strength of Telangana Grameena Bank and Montra Electric, our dealers will now have financing solutions to suit their needs. With lower interest rates and longer tenure periods on the loans, owning and operating a Super Auto will become easier than ever and will prove to be easy on the driver's pocket along with its impact on the environment."
Speaking on the arrangement, Y Sobha, Chairman, Telangana Grameena Bank said, “This tie-up opens up multiple opportunities for both institutions. The bank will finance Montra Electric’s customers for the purchase of vehicles as well as provide any other financial services required by them. This strategic arrangement goes a long way in protecting the environment as also our Bank's commitment to green business.”