Standing Left to Right: - Mr. S. K. Sinha , Chairman RSGB & Mr. Jacob Varghese, Sr. General Manager, Sales –West, Automotive Division, Mahindra & Mahindra Ltd.,
Rewa: Mahindra & Mahindra Ltd. (M&M), India’s leading SUV manufacturer, today signed a preferred financier agreement with Rewa Sidhi Gramin Bank (RSGB), the well known rural bank in Rewa, Madhya Pradesh. Under this tie-up, Mahindra & Mahindra customers will be able to avail of vehicle finance services from any of the 100 branches of RSGB. The MoU was signed by Shri Jacob Varghese, Senior General Manager, Sales- West – Mahindra & Mahindra Ltd and Shri S. K. Sinha, Chairman, Rewa Sidhi Gramin Bank in the presence of Mr. R. P. Dixit, (General Manager) RSGB, Mr. Jayant Jayaram (Sr. Regional Sales Manager – MP & CG) & Mr. Pritesh Kumar (Sr. Manager Market Development)
The tie-up will enable both Mahindra & Mahindra Ltd and Rewa Sidhi Gramin Bank to leverage the inherent strengths of each other’s network of over 10 dealer outlets and 100 branches respectively across Rewa, Sidhi and Singrauli districts of Madhya Pradesh.
Speaking on the occasion, Shri S. K. Sinha, Chairman, Rewa Sidhi Gramin Bank said, “RSGB is expanding its operations in commercial and passenger vehicle financing. It has been making niche offerings to its customers and this arrangement with Mahindra & Mahindra will be one such special initiative. Customers of RSGB will benefit from this tie-up since they will have privileged access to the specialized services of M&M. RSGB will soon launch an attractive package for purchasers of Mahindra vehicles. The Bank will provide loans for the purchase of vehicles at a comparatively low EMI, with rates starting as low as 10.5% (for repayment tenure up to 3 years), 11% (for repayment tenure of 3-5 years) in personal products and 15% for SRTO products & 3 wheelers. This partnership will definitely benefit customers.”
Speaking on the tie-up, Mr. Jacob Varghese, Sr. GM - Sales (Central & West Zone), Automotive Division, Mahindra & Mahindra Ltd., 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. Rewa Sidhi Gramin Bank offers innovative products and services at affordable rates. With highly competitive schemes for car loans and commercial vehicles, with 80% to 85% ex-showroom funding, we are hopeful of a good response from our dealers and customers.”
This alliance will open up new markets and customers for both the bank and Mahindra & Mahindra Ltd. With an extensive reach of over 100 branches in 3 districts of Madhya Pradesh, RSGB will help Mahindra reach out to additional customers and address their needs for personal as well as commercial applications. The tie-up will be rolled-out by conducting Dealer – Branch Manager Meets in all the districts in a short span of time and thus, optimize the benefit of this partnership.
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