Mahindra & Mahindra has joined hands with Bank of India and signed a memorandum of understanding namely a Preferred Financier agreement with the 106 year old bank. The tie-up includes the terms that the customers of Mahindra & Mahindra may avail various vehicle insurance services and products at any branch of Bank of India across the country. At the ceremony which took place on February 11, 2012 the memorandum was signed by Mr. Arun Malhotra Sr. Vice President (Sales & Customer Care) Mahindra & Mahindra Limited and Mr. R.A. Sankara Narayanan General Manager Bank of India.
Both Mahindra and Bank of India expect to leverage on each other’s vast network in India with the automobile manufacturer having more than 250 dealerships and 3,800 branches while the bank has 3,832 branches in India across all states and Union Territories.
According to Mr. M. S Raghavan Executive Director Bank of India, the bank is offering various benefits on the vehicle insurance schemes such as a 100 percent processing fee waiver and rate of interest of 11.5 percent.
Mr. Malhotra added that the aim of the company’s tie up with Bank of India wishes to provide its customers with the most beneficial schemes and numerous options to choose from.
