- Mahindra Finance enters into a co-lending partnership with State Bank of India
- Partnership to unlock the potential of Priority Sector Lending (PSL)
The partnership was launched by Ramesh Iyer, VC and MD, Mahindra Finance and the Dy Managing Director, SBI in the presence of Raul Rebello, MD and CEO – Designate, Mahindra Finance and the CGM (SME) from SBI.
Launched on a pan India level, this partnership is expected to offer affordable solutions to Mahindra Finance customers. The interest rates offered under this co-lending arrangement would be determined based on the customer's credit profile, ensuring a personalised and competitive financing experience.
Raul Rebello, MD and CEO- Designate, Mahindra Finance, said, "We are delighted to enter into this strategic co-lending arrangement with State Bank of India, India’s pioneer bank with multi-faceted experience. This collaboration is a step forward in enhancing financial accessibility and inclusivity. As we move forward, our focus remains on fostering innovation, embracing strategic collaborations, and tailoring our services to meet the evolving needs of our customers. Through this partnership we will further our capability to be a responsible financial solution partner to Emerging India.”
With Mahindra Finance strong rural distribution network and expertise in the financial sector and SBI’s competitive capital cost customers will get competitive advantage. The objective is to extend joint financial support to customers thereby enabling credit to the unserved segments of the economy at an affordable cost, marking Mahindra Finance's first co-lending tie-up with a bank. The partnership with SBI emphasises the long-term commitment of both entities towards empowering the MSME sectors. Under this agreement, Mahindra Finance will facilitate leads and manage loan servicing while serving as a single point of contact for prospective customers.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 9.3 million customers and has an AUM of over USD 11 Billion.
The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
The Company has 1,367 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.
Mahindra Finance has been ranked 59th among India’s Best Companies to Work 2023 by ‘Great Place to Work Institute.’
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