Strategic MoU Strengthens Access to EV Loans Nationwide
Mahindra Last Mile Mobility Limited (MLMML), India’s leading electric commercial vehicle manufacturer, has signed a Memorandum of Understanding with Punjab National Bank (PNB) to enhance vehicle financing solutions across the country. The collaboration aims to remove financial barriers for customers by offering simplified access to loans for the entire MLMML product range. This initiative aligns with MLMML’s mission to make advanced last-mile mobility vehicles more accessible and affordable.
The MoU follows a major milestone for MLMML, which recently crossed 3 lakh commercial EV sales the highest achieved by any company in India. PNB, India’s second-largest public sector bank, will leverage its network of more than 10,000 branches to provide tailored financing options. Its strong presence in rural and semi-urban areas will further support the adoption of electric three-wheelers and four-wheelers used for last-mile connectivity.
Leaders Highlight Commitment to Sustainable Mobility
Speaking on the partnership, Ms. Suman Mishra, Managing Director and CEO of MLMML, emphasized the importance of expanding financing access. She noted that the collaboration reflects the company’s commitment to ensuring seamless ownership for customers across India. Shri Ashok Chandra, MD & CEO of PNB, reiterated the bank’s dedication to promoting eco-friendly mobility through customer-centric financial solutions. He added that the partnership will simplify the purchase journey and accelerate India’s shift towards electric vehicles.
Strengthening India’s Last-Mile Mobility Ecosystem
MLMML, a subsidiary of Mahindra & Mahindra Ltd., leads the electric small commercial vehicle segment with products such as the Treo range, Zor Grand, e-Alfa, and the ZEO 4W SCV. Its diversified portfolio of electric, petrol, CNG, and diesel vehicles supports a wide array of passenger and cargo applications. With PNB offering flexible finance schemes and easy repayment schedules, the partnership is poised to drive significant growth in India’s expanding last-mile mobility sector.
PNB, with a legacy dating back to 1894, brings deep expertise in retail and corporate banking. Its emphasis on financial inclusion and digital transformation positions the bank as a strong partner in enabling wider EV accessibility.
