|Kerala based private sector bank, Federal Bank has inked an agreement with Mahindra and Mahindra to provide vehicle financing services to the customers of the carmaker. The bank would provide services to commercial and personal vehicles.
The two companies signed a memorundum of understanding (MoU) on Friday. Mr. Arun Malhotra, Senior VP Sales and Customer Care, M&M and Mr. CP John ED, Federal Bank represented their respective companies for the deal.
Mr. John believed that this deal would give an impetus to bank's vehicle loans portfolio, which would offer special rates and margins for buyers of Mahindra and Mahindra vehicles. Under the agreement, M&M customers will be entitled to avail of vehicle financing services from any of the Federal Bank branch in the country.