Mahindra Finance collaborates with India Post Payments Bank to boost credit access

18 Oct 2022 , 11:13 AM

Mahindra & Mahindra Financial Services Limited announced a strategic alliance with India Post Payments Bank (IPPB) to provide loan access to a bigger consumer base.

As part of this agreement, India Post Payments Bank (IPPB) will offer MMFSL with lead referral services for Passenger Vehicles, 3-Wheeler, Tractor, and Commercial Vehicle Loan categories, as well as cash EMI deposit facilities at Post Offices to existing MMFSL customers.

This initiative would first be implemented as a trial in IPPB branches in the states of Maharashtra and Madhya Pradesh. Over the following 4-6 months, it is projected to spread to additional states. IPPB will also be allowed to increase its financial product line under the payments bank licensing framework as a result of this.

“At Mahindra Finance, our goal is to give easy yet dependable access to finance,” stated Ramesh Iyer, Vice Chairman, and Managing Director.

“We are excited to engage with IPPB in order to have access to the vast network of IPPB. Customers will also benefit from the collaboration with financial security, empowerment, and repayment ease,” he added further.

To provide a hassle-free experience for all potential clients, the IPPB network will provide detailed step-by-step instructions. With the introduction of Cash Management services, Mahindra Finance clients may now deposit EMI payments at Post Offices.

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