Mahindra Construction Equipment enters into preferred financier agreement
Bengaluru, February 12, 2024: Mahindra’s Construction Equipment Division (MCE), a part of the Mahindra Group, today inked a Memorandum of Understanding (MoU) as a strategic partnership with Bank of Maharashtra to offer tailored financing solutions for its construction equipment division.
The MoU was signed by Mr. Jalaj Gupta, Business Head, Commercial Vehicles, Mahindra & Mahindra and Mr. Rajesh Singh, GM, Retail & MSME, Bank of Maharashtra, in the presence of Mr. AS Rajeev, MD & Chairman and Mr. Asheesh Panday, Executive Director, Bank of Maharashtra.
The tie-up is set to offer unique financial assistance for the purchase of M&M’s current & forthcoming BSV range of construction equipment providing among the best interest rate and loan tenure.
This partnership will provide customers with hassle-free and adequate credit for the purchase of construction equipment such as RoadMaster (Motor Grader), EarthMaster (Back Hoe loader) as well as the extensive range of attachments. These products are poised to set high standards in their respective categories, accelerating infrastructure growth by incorporating cutting-edge features and adhering to industry best practices.
Speaking on the occasion, Mr. Jalaj Gupta, Business Head – Commercial Vehicles, Mahindra & Mahindra Ltd. said, “This partnership will help us deliver the best financial solutions to our customers given Bank of Maharashtra’s reach and trust throughout the country and provide the necessary impetus and confidence, allowing them to prosper. This tie-up will enable both MCE and Bank of Maharashtra to leverage on the inherent strengths of each other’s vast network.”
Bank of Maharashtra, with its extensive network of over 2,400 branches and 46 Zonal offices will offer a wide range of financing options through this collaboration. Customers can visit the nearest Mahindra Construction Equipment dealership to avail of financing solutions tailored to their specific needs. In light of the current dynamic scenario and market trends, the bank has developed a new offering, Mahabank Equipment Finance. This is to provide financing to customers engaged in construction, mining, and other related activities for the purchase of equipment such as earth moving equipment, construction vehicles, material handling equipment and other construction equipment, etc.