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Mahindra & Mahindra Ltd.
BSE: 500520 | NSE: M&M
Large Cap | Automobiles - Passenger Cars
3658.75
9.35 (0.26%) M&M inks pact with IOB for vehicle financing
Date: 26-12-2011Mahindra and Mahindra (M&M) has inked a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB) for providing financing for a range of its vehicles.
With the help of this MoU, IOB is entering into commercial vehicle financing market. In addition, IOB offers 12.5% interest for financing of commercial vehicles.
M&M has sold 30% of commercial vehicles through finance in the last quarter of calendar year. M&M is growing at 20% (yea-on-year) in the passenger vehicle segment while, commercial segment witnessed a 35 to 40%t growth.