The Business Bytes
TBB BUREAU
MUMBAI, MARCH 19, 2024
Bandhan Bank, one of India’s fastest-growing private sector banks, has inked a Memorandum of Understanding (MoU) with Mahindra & Mahindra, a leading commercial vehicle manufacturer in the country, to provide convenient financing solutions to its commercial vehicle and commercial equipment customers. This collaboration will enable Bandhan Bank to extend financing across Mahindra & Mahindra’s entire commercial vehicle and equipment portfolio, offering customers access to the bank’s extensive network and tailored easy repayment plans.
Santosh Nair, Head of Consumer Lending & Mortgages at Bandhan Bank, expressed his satisfaction with the partnership, stating, “Bandhan Bank is delighted to partner with M&M to offer seamless vehicle financing solutions. This collaboration underscores our commitment to addressing the diverse financial needs of commercial vehicle and commercial equipment customers. We believe this partnership will enable us to expand our reach and provide customized financing options to support the growth of businesses in the commercial vehicle segment.”
Jalal Gupta, Business Head of Commercial Vehicles at Mahindra & Mahindra, commented on the partnership, saying, “This collaboration will empower us to deliver the best financial solutions to our customers, instilling them with the confidence and momentum needed to thrive. By leveraging each other’s vast networks, MCE and Bandhan Bank will be able to maximize their strengths and enhance customer satisfaction.”
Mahindra & Mahindra offers an extensive range of commercial vehicles and equipment, including LCVs, ICVs, HCVs, Back-hoe Loaders, and Motor Graders. With a growth rate exceeding 40%, Mahindra has rapidly expanded its after-sales service network, boasting more than 500 touchpoints nationwide.
Bandhan Bank, a new-age private sector bank, provides competitive interest rates on liability and retail asset products, including home loans, passenger and commercial vehicle loans, and personal loans. Present in 35 of the 36 states and union territories in India, Bandhan Bank operates over 6,250 banking outlets, serving 3.25 crore customers across the country.
