Auto major Mahindra & Mahindra (M&M) today signed two MoUs with State Bank of Hyderabad (SBH) for vehicle finance.
SBH will now be a preferred financier for Mahindra vehicles, encompassing both commercial vehicles and passenger vehicles, a release said here.
For commercial vehicles, customers can avail of loan up to 85 per cent of the on-road price of the vehicle, with a tenure of 3-5-years.
For passenger ones, customers can avail of loan up to 85 per cent of the on-road price of the vehicle (for loans up to Rs 6 lakh) or up to 70 per cent of the on-road price of the vehicle (for loans above Rs 6- akh) with a tenure of up to 7 years, the release said.
"A low interest rate is just one of the benefits of opting for State Bank of Hyderabad as a preferred financier. The bank's vast national network of over 1,031 branches will also help us make further inroads in upcountry markets where we already have a strong customer base," M&M President, Sales and Customer Care, Automotive Sector, Arun Malhotra, said.
