Piaggio Vehicles Pvt Ltd has signed a memorandum of understanding with State Bank of India’s Lucknow circle to offer interest-free financing for three-wheelers to young entrepreneurs in Uttar Pradesh under the State government’s CM Yuva Yojna scheme. The partnership will be supported by SBI’s network of over 1,600 branches across central and eastern Uttar Pradesh and covers Piaggio’s full range of three-wheelers, including both electric and ICE variants.
The CM Yuva Yojna is a flagship state government initiative aimed at creating employment opportunities for 1.5 lakh youth across Uttar Pradesh by supporting entrepreneurship and small business ownership.
Under the scheme, eligible youth entrepreneurs between the ages of 25 and 40 can access 0% interest loans backed by a full government subsidy, with funding covering 85 to 90% of the vehicle cost, a four-year repayment tenure, no guarantor requirement, and a refund of the margin money upon successful repayment. The initiative is designed to lower the barrier to vehicle ownership and help young people establish their own transport-based livelihoods.
As part of the rollout, Piaggio India will set up dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh, where applicants can get guidance, financing assistance, and help with onboarding into the programme.
Mr. Amit Sagar, Executive Vice President, CV Domestic Business and Retail Finance, Piaggio Vehicles Pvt Ltd, said, “Through this partnership, Piaggio India and State Bank of India are bringing together the strength, trust, and reach of two respected institutions to make vehicle ownership simpler, faster, and more accessible. This initiative goes beyond vehicle financing — it is about enabling aspirations, fostering entrepreneurship, and contributing directly to employment generation for the youth of Uttar Pradesh.”
Mr. Vibhash Kumar, Deputy General Manager, State Bank of India, said, “This collaboration combines SBI’s trusted financial capabilities and extensive network with Piaggio’s established leadership in the three-wheeler segment to create meaningful livelihood opportunities for aspiring entrepreneurs across Uttar Pradesh.”
