Mahindra Last Mile Mobility Limited (MLMML), India’s leading electric commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB), the country’s second-largest public sector bank, to provide vehicle financing solutions.
The partnership aims to increase access to finance for customers buying MLMML's portfolio of electric vehicles. MLMML recently crossed the 3 lakh mark in sales of commercial electric vehicles, a first in India's EV space. PNB will utilize its more than 10,000 branches across the country, even in semi-urban and rural areas, to provide customized finance schemes with flexible repayment options.
On the alliance, Ms. Suman Mishra, Managing Director & Chief Executive Officer, MLMML, said the agreement with PNB would make more advanced last-mile mobility vehicles available at affordable costs to customers across India.
Shri Ashok Chandra, MD & CEO, PNB, reaffirmed that the bank is committed to encouraging eco-friendly transportation and said the alliance would make the buying process seamless for an EV customer while also enabling the mass adoption of sustainable mobility options.
This MoU is in line with the strategic push towards ensuring last-mile connectivity, more so in regions where access to vehicle financing has traditionally been constrained. Both organizations aim to address affordability and accessibility challenges, thereby supporting India's transition toward cleaner commercial transportation.
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