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M&M ties up with Allahabad Bank for auto loans

Under the agreement, both companies will offer vehicle loans through the auto maker's 250 dealerships and the bank's 2,300 branches across the country.

twitter-logo PTI   New Delhi     Last Updated: September 29, 2010  | 14:50 IST

Auto major Mahindra & Mahindra (M&M) on Tuesday said it has tied up with public-sector lender Allahabad Bank to provide retail financing facilities to customers.

Under the agreement, both the companies will offer vehicle loans through the auto maker's 250 dealerships, as well as the bank's 2,300 branches across the country, M&M said in a statement.

"With highly competitive schemes (up to 85 per cent of on-road funding, rates starting as low as 9 per cent) for car loans and commercial vehicles, we are hopeful of a good response from our dealers and customers," Senior Vice-president (Sales and Customer Care) Arun Malhotra said.


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