The Hindu Business Line : SBI loans for purchase of M&M vehicles

Mr Alan Durante, Executive Director & President, Auto Sector, Mahindra & Mahindra (left), with Mr Ashok Kini, MD & Group Executive (National Banking Group), SBI, at a press conference in Mumbai on Tuesday. - - Paul Noronha

Mumbai , April 20

STATE Bank of India (SBI) and Mahindra & Mahindra (M&M) have come together to launch a finance product called Turbo Sapne.

Under this scheme, SBI will extend finance for the purchase of commercial vehicles like soft tops, pick-ups, light commercial vehicles and three-wheelers.

The deals will be done through the dealer network of M&M and the process is expected to take much less time.

The interest rate will be 9.5-10.25 per cent, a bank official said. Besides, M&M will offer a discount of Rs 1,000 to the buyer of the vehicle.

The loan will be for a period of seven years with a moratorium of six months.

According to Mr Ashok Kini, Managing Director & Group Executive (National Banking Group), SBI, auto finance is on an upward phase.

According to Mr Alan Durante, Executive Director & President, Auto Sector, M&M, this product would open up a huge market for its vehicles.

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