Mahindra partners with UCO Bank to provide financing options for SUVs, Auto News, ET Auto

“The combination will allow Mahindra to leverage UCO Bank’s comprehensive network of more than 3,000 branches, extending the reach of its financing options to passenger vehicle customers across the country.

New Delhi: Mahindra & Mahindra announced on Tuesday that it has entered into a partnership with the public sector UCO Bank to offer financing options to its SUV customers.

“The combination will allow Mahindra to leverage UCO Bank’s comprehensive network of more than 3,000 branches, extending the reach of its financing options to passenger vehicle customers across the country. As part of the agreement, UCO Bank will offer credit to future car owners at attractive interest rates, high LTV and without any prepayment charges,” the company said in a statement.

Satinder Singh Bajwa, Senior Vice President, Head of Sales and Customer Service, Automotive Division, M&M, said, “Our combination with UCO Bank will enable us to offer attractive financing options to customers who aspire to own a Mahindra SUV. . Our association with UCO Bank will help us turn those dreams into reality by making the experience of owning an SUV easier, more accessible and more affordable.

Ishraq Ali Khan, Managing Director, UCO Bank, said, “Mahindra & Mahindra dealers and UCO Bank officials will work in tandem for the benefit of customers. With this combination, UCO Bank will offer a loan facility to Mahindra customers belonging to various profiles, including salaried, self-employed, businessmen, professionals and farmers. UCO Bank will offer attractive loan terms, making it easier and more affordable for customers to own a Mahindra SUV.

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With Mahindra Finance being one of its core businesses apart from automobiles and agricultural solutions, the group seeks to provide a seamless experience to customers by offering them financial channels through grassroots solutions and growing businesses like logistics. , vacations, real estate, auto resale and solar energy.

This association should facilitate faster loan approval decisions, by combining automation and risk analysis.

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