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Mahindra has partnered with State Bank of India (SBI) to offer financial schemes for the purchase of its range of small commercial vehicles andpickups. Under the agreement, Mahindra customers will be able to avail a loan in a contactless manner and with a reduced turnaround time. The loan approval process will take around an hour only.
Customers will be able to avail a loan amount of ₹3.45 lakhs with EMI as low as ₹6,666 with an interest rate of 11.5%. There is a flexibility to extend the tenure of loan to up to six years including a one-month moratorium period. Potential buyers will also be able to opt for a higher loan amount with up to 85% on-road funding. Further, the scheme does away with third-party guarantor. There is also no requirement of ITR for first time users of the scheme.
(Also read | Mahindra Bolero Neo N10 (O) with Multi Terrain tech launched at ₹10.69 lakh)
With SBI's Contactless Lending Platform technology, both the companies claim that customers will witness further uniformity and transparency in the loan approval process. Commenting on the launch of the scheme, Mahindra's Business Head – SCV at Automotive division, Amit Sagar said, “Our financing scheme is not just unique, but also very pertinent, given SBI's reach and trust across the length and breadth of the country," adding that the scheme will help boost the confidence to the company's potential customers.
(Also read | Mahindra XUV700 vs Hyundai Alcazar and Tata Safari: Which one should you buy)
As for market share in commercial vehicles, Mahindra BoleroPickUp range has been in the top position for over two decades with more than 16 lakh customers, the company claims. The range consists of options such as single cabin, double cabin, AC, 4WD and CNG as well as options for various payload and cargo sizes.
Mahindra recently launched SUPRO Profittruck range that boasts of greater payload capacity and higher mileage. It is offered in both diesel and CNG fuel options.