M&M ties up with Oriental Bank of Commerce for vehicle finance
New Delhi: Mahindra & Mahindra and Oriental Bank of Commerce have entered into a tie-up to provide vehicle financing to the auto maker's customers.
Under the agreement, Mahindra & Mahindra (M&M) customers will be able to avail of vehicle finance services from any of the branches of Oriental Bank of Commerce (OBC) across India, the companies said in a joint statement.
"The tie-up will enable both M&M and OBC to leverage on the inherent strengths of each other's vast network of over 250 dealer outlets and 1,808 branches across India," the statement said.
Commenting on the tie-up, Oriental Bank of Commerce Chairman & Managing Director SL Bansal said: "OBC is expanding its operations in commercial and passenger vehicle financing. It has been making attractive offers to its customers and this arrangement with M&M will be one of several such initiatives".
M&M Senior Vice-President Sales & Customer Care (Automotive Division) Arun Malhotra said OBC offered innovative yet simple products and services supported by state-of-the art technology at affordable rates to SME, retail and NRI customers.
"With highly competitive schemes for car loans and commercial vehicles with up to 80 percent on-road funding and facility for repayment up to 84 months, we are hopeful of a good response from our dealers and customers," he added.