Piaggio, SBI Partner To Finance 3-Wheelers Under UP CM Yuva Yojna

Piaggio Vehicles Pvt Ltd (PVPL) has signed a memorandum of understanding (MoU) with State Bank of India’s Lucknow circle to provide financing support for three-wheelers under the Uttar Pradesh government’s CM Yuva Yojna, targeting youth entrepreneurship and employment generation across the state.

The partnership will leverage SBI’s network of more than 1,600 branches across central and eastern Uttar Pradesh to extend financing for Piaggio’s portfolio of electric and internal combustion engine (ICE) three-wheelers. The initiative will operate through the CM Yuva Yojna and Mudra schemes, which are aimed at increasing access to self-employment opportunities for young entrepreneurs.

Under the scheme, eligible applicants aged between 25 and 40 years can avail financing benefits including interest-free loans backed by government subsidy, funding support covering 85–90% of vehicle costs, a four-year repayment tenure, and no guarantor requirement.

Piaggio said it will also establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh to assist applicants with financing support and onboarding into the programme.

Amit Sagar, Executive Vice President, CV Domestic Business and Retail Finance at Piaggio Vehicles Pvt Ltd, said, “Through this partnership, Piaggio India and State Bank of India are bringing together the strength, trust, and reach of two respected institutions to make vehicle ownership simpler, faster, and more accessible.”

The collaboration is aimed at expanding financing access for commercial mobility while supporting entrepreneurship-focused initiatives in the state through subsidised vehicle ownership and financing support.