India's largest manufacturer of utility vehicles Mahindra and Mahindra has recently launched its next-gen Scorpio. They have now signed a Preferred Financier agreement with Abhyudaya Co-operative Bank, Manchar.
Both these brands have a wide network pan India and will use each others strengths. The Abhyudaya Bank has over 111 branches in India, while Mahindra and Mahindra has 28 dealerships and 90 branches.
V.S. Morye, Managing Director, Abhyudaya Co-operative Bank commented, "Abhyudaya Co-operative Bank is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative."
He further added that, customers of their bank will benefit from this tie-up as they will receive privileged access to the specialized services of Mahindra and Mahindra. It is a win-win situation for both of them.
P.S. Salian, GM Credit Department, Abhyudaya Co-operative Bank, expressed, "This partnership will definitely benefit customers. We have customized a comprehensive product catering to the varied needs of this niche customer base. We will promote it proactively offering competitive interest rates and we expect to increase our portfolio considerably in this segment."
Ajay Budki, Sr. GM - Sales, West Zone, Automotive Division, Mahindra and Mahindra Ltd. spoke about the tie-up, "At Mahindra, we relentlessly 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."
He also said, "Abhyudaya Co-operative Bank offers one of the best products and services at better rates than most financiers. With such highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers."