Mahindra & Mahindra Financial Services Limited, (Mahindra Finance), part of the Mahindra Group, and one of India’s leading Non-Banking Finance Companies and Bank of Baroda (BOB), one of India’s leading public sector banks, have announced the signing of a partnership agreement for co-sourcing of car loan leads. Under this tie-up, Mahindra Finance will generate new and pre-owned car loan leads for Bank of Baroda through its widespread field and branch distribution channels, complemented by Bank of Baroda’s wide network across the country for loan processing. The tie-up comes into effect from April 1, 2023 with pan-India coverage.
Raul Rebello, MD and CEO – Designate, Mahindra Finance said, “At Mahindra Finance our core purpose is to provide a comprehensive range of financial solutions under one roof. This partnership arrangement will help in enabling credit access to a wide spectrum of customers across locations. We are delighted to have partnered with Bank of Baroda and look forward to a mutually beneficial and sustainable engagement.”
Mr. Rajesh Malhotra, Chief General Manager (Retail Assets, MSME and Rural & Agri Banking), Bank of Baroda said, “This is the beginning of our partnership with Mahindra Finance in the car loan business. Bank of Baroda and Mahindra Finance are two respected financial services institutions with a strong presence in vehicle financing and this partnership enables us to widen our reach and cater to borrowers in every segment.”
