[sbinews] State Bank Inks Pact With M&M For Vehicle Financing (Financial Express)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Wed, 21 Apr 2004 20:41:11 -0700 (PDT)
NOTE: SBINEWS DOES NOT PERMIT CIRCULATION OF ATTACHMENTS. ATTACHMENTS, IF ANY,
CIRCULATED WILL BE ONLY BECAUSE OF VIRUSES. PLEASE,THEREFORE, IGNORE
ATTACHMENTS IF ANY IN SBINEWS MESSAGES
************************************************************************
State Bank Inks Pact With M&M For Vehicle Financing
(Financial Express)
OUR CORPORATE BUREAU
MUMBAI, APRIL 20: The State Bank of India (SBI) has
signed a pact with Mahindra & Mahindra (M&M) to
finance purchase of the latter?s commercial vehicle
range and three-wheelers. The bank is in talks with
other auto majors, including Tata Motors and Bajaj
Tempo, to strike similar alliances.
As per the scheme, called Turbo Sapne, the country?s
largest commercial bank would extend a vehicle loan up
to seven years at 10 per cent interest rate on
reducing balance (for loan up to Rs 2 lakh), said SBI
managing director Ashok Kini.
Customers would get a six month moratorium before they
start repayment on reducing balance, Mr Kini added.
The tie-up would reduce the time for loan approvals
and provide timely financial assistance when the
demand is picking up, he said.
SBI has so far lent more than Rs 1,300 crore to
transport operators under Small Business Finance (SBF)
and a major portion is to the commercial transport
segment. The bank has a branch network of 6,000 in
semi-urban and rural areas.
Under the arrangement, SBI would also be a preferred
financier for M&M.
M&M executive director Bharat Doshi said the wide
branch network of SBI would help the auto major to tap
the rural market. The arrangement would also reduce
the usual processing time to two weeks and officials
were working to reduce the process to five-six days.
Utility vehicle sales of M&M have grown by 36 per cent
to 1,17,600 units in 2003-04, he added.
M&M has similar arrangement with SBI for financing
tractors. It was forged a year ago for five states and
now with encouraging response, the scheme has been
extended to the entire country, Mr Doshi added.
SBI chief general manager C Sundarashyam said the
tie-up with M&M (for vehicle financing) was not
exclusive. The alliances with other auto majors are
likely to be firmed up in a month, he said.
=====
R.S.Pai, Web Address: http://rspai.tripod.com
__________________________________
Do you Yahoo!?
Yahoo! Photos: High-quality 4x6 digital prints for 25¢
http://photos.yahoo.com/ph/print_splash
***************************************************************************
Mailing list (sbinews@xxxxxxxxxxxxx) related information:
News/articles about SBI and Banking related matters published in the print
media, Internet etc will be circulated through this Mailing List.
The messages in this list will help in improving awareness of SBI and its
activities vis-a-vis the happenings in the Banking industry. This should be of
help to all staff members of SBI, particularly those who are preparing for
promotional written tests/interviews/group discussions. Subscription to this
Mailing List is simple and FREE. Please check the procedure below. Please share
this information with other colleagues/branches that could be interested in
subscribing to this Mailing List.
The messages circulated here should not be deemed to have the official
endorsement of the SBI or any of its employees. The correct factual position
may be ascertained from official sources.
To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx
with the word 'subscribe' without the quotes in the subject of the email
message.
To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx
with the word 'unsubscribe' without the quotes in the subject of the email
message.
Archives (old messages) are available for viewing at:
//www.freelists.org/archives/sbinews
Click on the month-year at the lower left corner to view messages posted during
that month.
This is an announcements/newsletter type mailing list i.e. only the Moderator/s
can post messages to the list.
This mailing list is maintained and moderated by Sri. R.S.Pai, currently
working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai.
Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities
Links
Other related posts:
- » [sbinews] State Bank Inks Pact With M&M For Vehicle Financing (Financial Express)
