Karur Vysya in tie-up with M&M to provide vehicle finance

Private sector lender, Karur Vysya Bank(KVB) has signed a preferred financier agreement with automotive major Mahindra and Mahindra for providing auto finance to its customers.

"Under the agreement, M&M customers will be able to avail of vehicle finance from any of the 450-plus branches of KVB," a bank release said today.

Chief Executive Officer and Managing Director of Karur Vysya, K Venkataraman, said, "KVB is expanding its operations in commercial and passenger vehicle financing. Customers of KVB will be benefited out of this tie-up since they will have privileged access to the specialised services of M & M along with provision of loans for purchase of vehicles at a comparatively low EMI."

M&M said that they expect good response from dealers and customers post this arrangement.

"KVB's specialised rates for bus operators, educational institutions and medium and small enterprises will help Mahindra BOP and CV product range customers. With highly competitive schemes for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers," Senior Vice President, Sales and Customer Care ( Automotive Division) of M&M, Arun Malhotra said.

Source: EconomicTimes