In a game-changing development for India’s electric mobility landscape, MLMM & PNB Sign MoU to simplify vehicle financing like never before. This strategic partnership promises to make electric commercial vehicles more accessible to entrepreneurs, fleet operators, and small businesses, even in semi-urban and rural areas. With innovative finance solutions and Mahindra’s EV expertise, this collaboration could redefine last-mile connectivity. Could this be the breakthrough that accelerates India’s shift to sustainable transport?
A Partnership to Power the Electric Mobility Revolution
MLMML has recently achieved a landmark milestone by crossing 3 lakh (300,000) commercial EV sales, becoming the first company in India to do so. This achievement highlights how rapidly last-mile electric transportation is growing, especially in the e-rickshaw and cargo EV segment. With this new partnership, the company aims to push adoption even further by ensuring that customers have stronger financial support when purchasing EVs.
Punjab National Bank, with its 10,000+ branches nationwide, brings massive outreach to this partnership. Its widespread presence in semi-urban and rural belts — where electric three-wheeler usage is especially high — will make financing accessible to individuals, fleet owners, and small-scale businesses looking to transition to electric commercial vehicles.
What Customers Can Expect from This MoU?
The financing solutions under this partnership have been designed to be simple, flexible, and growth-oriented for EV buyers. Key benefits include:
- Widespread Accessibility: PNB will offer financing for the entire range of Mahindra commercial EVs through its extensive branch network across India.
- Customised Loan Schemes: Buyers will have access to tailored repayment plans and special finance packages for popular electric models, including Mahindra Treo, Zor Grand, and e-Alfa.
- Easy and Hassle-Free Processing: The bank aims to provide simplified credit approvals, minimal documentation, and flexible EMIs, reducing barriers for first-time buyers and growing fleet operators.
- Aligned with Sustainability Goals: The partnership comes at a strategic time when both organisations are actively expanding in the EV ecosystem. PNB has previously supported the EV market through attractive green loan rates, indicating a push toward environmentally conscious banking.
Leaders Speak on the Collaboration
Ms Suman Mishra, Managing Director & CEO of MLMML, expressed confidence in the partnership, stating that collaborating with PNB will extend easier financial access to customers and further MLMML’s mission of promoting economical, high-quality last-mile mobility solutions.
Shri Ashok Chandra, MD & CEO of PNB, shared that the bank is committed to enabling cleaner transportation. He emphasised that this alliance reinforces PNB’s focus on customer-centric financial products and supports India’s EV adoption goals.
Conclusion
The alliance between Mahindra Last Mile Mobility and Punjab National Bank marks an important step in strengthening India’s commercial EV ecosystem. With simplified financing, extensive outreach, and industry-leading electric vehicle innovation working together, the partnership is poised to accelerate the adoption of eco-friendly transportation — particularly for last-mile delivery, small businesses, and mobility solutions in Tier-2 and Tier-3 regions.
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