J&K Bank has signed a memorandum of understanding (MoU) with Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer. The MoU would enable M&M customers to avail vehicle finance from any of the business units of the Bank.
As per a statement the tie-up will enable both J&K Bank and M&M to leverage on the inherent strengths of each other’s vast network of 685 business units and over 250 dealer outlets respectively across India. In J&K State, J&K Bank has 577 business units and M&M is having a network of 6 dealers.
The MOU was signed by Pushap Kumar Tickoo, President, J&K Bank and Arun Malhotra, Chief Sales & Customer Care Officer, Mahindra & Mahindra Ltd. in the presence of Abdul Hamid Banday, Executive President of the bank and Jyoti Malhotra, senior GM Sales (North Zone), M&M.
Speaking on the occasion, Abdul Hamid Banday has said, “J&K Bank is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with M&M will be one such special initiative. Customers of J&K Bank will benefit from this tie-up since they will have privileged access to the specialized services of M&M.”
“This partnership will definitely benefit customers. We have customized a comprehensive product catering to the varied needs of this niche customer base. We will promote it proactively offering competitive interest rates and we expect to increase our portfolio considerably in this segment”, said Pushap Kumar Tickoo after putting in his signatures on the MoU.
Speaking on the tie-up, Arun Malhotra said, “At Mahindra, we relentlessly 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. J&K Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers”.