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Mahindra & Mahindra Ltd has signed a preferred financier agreement with Muthoot Capital Services Ltd for vehicle finance related services. The MoU was signed by Satyendra Kumar Thakur, Senior General Manager (Sales) South Zone, Mahindra & Mahindra Ltd, and R. Balakrishnan, General Manager, Muthoot Capital Services Ltd. The tie-up will enable the two companies to leverage on the inherent strength of each other’s network of over 250 dealer outlets and 3,000 financial services outlets across the country. Speaking on the occasion, R. Manomohanan, CEO of Muthoot Capital Services Ltd, said that the company is looking at having a decisive stake in the growing auto finance segment as the three-wheeler segment is picking up quite well despite the difficult market conditions.
The tie up will initially be established in south India, Goa, Maharashtra and Gujarat and the services will be positioned aggressively at par with the prevailing market rates, he said. Arun Malhotra, Chief Sales and Customer Care Officer, Automotive Division, Mahindra & Mahindra said that the company is hopeful of a good response from dealers and customers with highly competitive schemes for three wheeler loans approved in 24 hours with simple flexible repayment option.
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