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Auto major Mahindra & Mahindra today said it has tied up with public sector lender Central Bank of India for financing facilities for its entire range of vehicles, except two-wheelers.
In a statement, the Mumbai-based company said it has "entered into a preferred financier tie-up with Central Bank of India."
As per the agreement, Mahindra customers will be able to avail loans for purchase of three-wheelers, cars and commercial vehicles of the company.
The tie-up will enable both M&M and Central Bank of India to leverage on the strengths of each others' network of over 250 dealers and 4,300 branches, respectively.
Speaking on the tie-up, M&M Chief Sales and Customer Care Officer (Automotive Division) Arun Malhotra 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."
Central Bank of India offers innovative products and services at affordable rates, he added.
"With highly competitive schemes for car loans, three-wheeler loans and commercial vehicle loans, we are hopeful of a good response from our dealers and customers," Malhotra said.
Speaking on the occasion, Central Bank of India Chairman and MD Mohan V Tanksale said, "Central Bank of India is continuously expanding its operations in commercial and passenger vehicle financing, duly suiting to the needs of all segments of customers through its various tailor made loan products."
