Mahindra & Mahindra Financial Services has entered into a strategic partnership with India Post Payments Bank (IPPB) to further enhance credit access to a larger customer base.
IPPB will provide lead referral services to Mahindra Finance for passenger vehicle, three-wheeler, tractor and commercial vehicle loan categories as well as cash EMI deposit facility to existing customers at post offices.
As a pilot, this scheme will first go live in IPPB branches in Maharashtra and Madhya Pradesh before spreading across other states over the next 4-6 months. With this IPPB will also expand its financial product portfolio within the payments bank licensing framework.
The complete step-by-step guidance will be available at the IPPB network, to ensure a hassle-free experience to all potential customers. With the launch of cash management services, Mahindra Finance customers can visit the post office to deposit EMI payments.
Ramesh Iyer, Vice Chairman & Managing Director, Mahindra Finance said, “We are happy to collaborate with IPPB that will enable us to access the large network. The tie-up will also enable customers with financial security, empowerment and ease of repayment”.
J Venkatramu, MD & CEO, IPPB added, “The partnership with Mahindra Finance is a milestone in IPPB's journey to become one of the largest platforms for availing credit products by our customers.”
IPPB has been established under the Department of Posts, Ministry of Communication. It was launched in September 2018 with the vision to build the most accessible, affordable and trusted bank for the common man.
Focused on the rural and semi-urban sector, Mahindra Finance is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. With 1,384 offices, the company reaches out to customers spread over 380,000 villages and 7,000 towns.