Mahindra Reva Pens MoU with State Bank of India
Bangalore, January 19, 2012: Mahindra Reva Electric Vehicles Pvt. Ltd., a part of the US $14.4 billion Mahindra Group, has signed a Memorandum of Understanding (MoU) with State Bank of India (SBI), the country’s premier public sector bank. The Preferred Financier agreement was signed by both parties which will enable both Mahindra Reva and State Bank of India to leverage on the inherent strengths of each other’s vast network.
The MOU was signed by Mr. R N Mehra, Chief General Manager, Personal Banking, State Bank of India and Mr. R Chandramouli, Chief of Operations of Mahindra Reva Electric Vehicles Pvt. Ltd.
Speaking on the occasion, Mr. R N Mehra, CGM, State Bank of India Mumbai said, “State Bank of India will finance 85% of the On Road Price of Mahindra Reva Electric Vehicles with a tenure of 7 years and low interest rate of 12% (Rs. 1765 per lac of loan for 7 years). There will be no pre payment penalty in case a customer chooses to pre close the loan. Through this initiative, we are pleased to promote ‘Green Cars’ as these are environment friendly”.
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