Mahindra & Mahindra Ltd has entered into a Preferred Financier agreement with public sector lender, Allahabad Bank. The Memorandum of Understanding (MoU) signed between both entities would enable the customers of M&M to obtain car loan from any branch of Allahabad Bank.

The MOU was signed by Bibhas Kumar Srivastav, General Manager, Retail Credit Dept, Allahabad Bank and Arun Malhotra, Sr. Vice President, Sales & Customer Care, Mahindra & Mahindra Ltd. in the presence of Shri J. P. Dua, Chairman & Managing Director of Allahabad Bank at the Bank's Head Office in Kolkata. Shri D Sarkar & Shri M. R. Nayak, Executive Directors and General Managers of Allahabad Bank,were also present during the event.

Speaking at the signing, J P Dua, Chairman, Allahabad Bank said, "With a customer base of 24 million we are always looking for avenues to offer the best products. This tie-up with M&M is a step in the right direction. With 2300+ branches we have access to a major part of India's hinterland where Mahindra vehicles are the most preferred mode of transportation for goods as well as passengers. We are hopeful of working closely with M&M in the days to come and to make this relationship a mutually beneficial one".

Arun Malhotra, Sr Vice President, Sales & Customer Care, Mahindra & Mahindra said, "Allahabad Bank is a dynamic and growing, tech-savvy bank and it is a moment of pride for M&M Auto Sector to be associated with a bank of its stature, heritage and respect. With highly competitive schemes (up to 85% on road funding, rates starting as low as 9%) for Car Loans and Commercial vehicles we are hopeful of a good response from our dealers and customers.."