Mahindra & Mahindra ties up with Canara Bank for car loans

Mahindra & Mahindra Ltd. (M&M Ltd.) has entered into a Preferred Financier tie-up with Canara Bank. With this Memorandum of Understanding (MoU) Mahindra customers will be able to take a car loan from any branch of the bank all over India.

Mahindra customers will benefit the most because of this association. Getting car loans will become easy, as prospective loan takers can bank upon the wide network of both M&M Ltd. and Canara Bank which have 250 dealers and 4,600 branches, respectively, all over the country.

Arun Malhotra, Chief Sales & Customer Care Officer, Automotive Division, Mahindra & Mahindra Ltd. said, “At Mahindra, we relentlessly look at options to provide the best finance schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. Canara Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans, we are hopeful of a good response from our dealers and customers.”

R. R. Sharma, Chief General Manager, Canara Bank, said, “Canara Bank is expanding its operations in passenger vehicle financing.  It has been making niche offerings to its customers and this MoU with Mahindra & Mahindra will be one such special initiative. Customers of Canara Bank will benefit from this tie-up since they will have privileged accessed to the specialised services of M&M.”