Mumbai, August 23, 2021: Mahindra & Mahindra Ltd., a leading Commercial Vehicle manufacturer in India, has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) to provide unique financial assistance for purchasing Mahindra’s range of small commercial vehicles (SCVs) and PickUps.
Key Features of the Financing Scheme:
Contactless Loan Approval:
Loan approval in just 59 minutes using SBI’s Contactless Lending Platform technology, ensuring transparency and reduced turnaround time.
Attractive Loan Terms:
Interest rate as low as 11.5%
EMI starting at ₹6,666 for a loan amount of ₹3.45 lakhs
Flexible loan tenure up to 6 years, including a one-month moratorium
Up to 85% on-road funding
No third-party guarantor required
Target Customers:
MSMEs, small road transport operators, and first-time buyers of small commercial vehicles
Strategic Benefits:
SBI’s extensive network of over 22,000 branches across India, especially in rural areas, will enable wider reach and employment generation.
The partnership aims to make vehicle ownership affordable, safe, and accessible for small business owners.
Mahindra’s SCV Portfolio:
SUPRO Profittruck Range:
Affordable, powerful, with higher payload capacity and mileage
Available in diesel and CNG options
Jeeto Range:
Launched in 2015, with over 2 lakh customers
Multi-fuel options (Diesel, CNG, Gasoline) and multiple deck sizes
Bolero PickUp Range:
Market leader for over 20 years with 16 lakh+ customers
Multiple variants including single/double cabin, AC, 4WD, and CNG options
Comment from Mahindra:
Amit Sagar, Business Head – SCV, said:
“This financing scheme, combined with SBI’s reach and trust, will empower our customers with hassle-free access to superior vehicles, helping them prosper and grow their businesses.”
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