Mahindra Finance, part of the Mahindra Group, on Wednesday, November 1, announced a strategic co-lending partnership with State Bank of India (SBI), India’s largest public sector bank. The co-lending model is designed to harness the distribution strength of Non-Banking Financial Companies (NBFCs) and the cost-efficient capital of banks, ensuring wider outreach and better interest rates for customers, Mahindra Finance said in a statement.
The partnership was launched by Ramesh Iyer, VC & MD, Mahindra Finance & the Deputy Managing Director, SBI in the presence of Raul Rebello, MD & CEO – Designate, Mahindra Finance & 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, Mahindra Finance said.
Raul Rebello, MD & CEO- Designate, Mahindra Finance, mentioned, "Through this partnership we will further our capability to be a responsible financial solution partner to Emerging India”.
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.
Under this agreement, Mahindra Finance will facilitate leads and manage loan servicing while serving as a single point of contact for prospective customers.
(Edited by : Anshul)
First Published: Nov 1, 2023 12:47 PM IST
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