Mahindra & Mahindra signs MoU with Muthoot Capital Services Ltd for Three Wheeler funding
October 19, 2012:
Mahindra & Mahindra Ltd. (M&M), India's leading SUV manufacturer, today signed a Preferred Financier agreement with Muthoot Capital Services Ltd (MCSL), one of the largest and most reputed Non Banking Finance Company (NBFC) in the country with long and illustrious lending history. Under the aegis of this tie-up, M&M customers will be able to avail of vehicle finance related services through nearly 3000 outlets of the Muthoot Pappachan Group across India. The MOU was signed by Shri Satyendra Kumar Thakur, Senior General Manager, Sales South Zone - Mahindra & Mahindra Ltd and Shri R Balakrishnan, Vice President, Muthoot Capital Service Ltd, in the presence of Shri R Manomohanan, Chief Executive Officer, Muthoot Capital Services Ltd.
The tie-up will enable both M&M and Muthoot Capital Services Ltd to leverage on the inherent strength of each other's vast network of over 250 dealer outlets and 3000 financial services outlets respectively across India.
Speaking on this occasion Mr. Manomohan, CEO of Muthoot Capital Services Limited said "The Three Wheeler segment is picking up quite well despite the difficult market conditions and we are looking at having a decisive stake in this growing auto finance segment. Mahindra and Mahindra is a great brand and by joining hands, we aim to take our services within arm's reach of the customer, delivering value for money and making vehicle financing a hassle free and pleasant experience.
MCSL is part of the Muthoot Pappachan Group, that has been associated in the past with various leading brands offering sales and post sales services and comes with a clear understanding of the market dynamics and customer expectation. The flexi plan will offer customers the flexibility to pay within the stipulated loan period according to his convenience on the available cashflow. The services will be positioned aggressively at par with the prevailing market rates. This tie up will initially be established in South India, Goa, Maharashtra and Gujarat.
Speaking on the tie-up, Shri. Arun Malhotra, Sr. V.P Sales & Customer Care, Automotive Division, Mahindra & Mahindra Ltd., said, "At Mahindra, we always 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. MCSL offers innovative yet simple products and services supported by state-of-the art technology at affordable rates to SME and retail customers. With highly competitive schemes for 3 wheeler loans approved in 24 hrs with simple flexible repayment option, we are hopeful of a good response from our dealers and customers.”
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