Montra Electric, part of the Murugappa Group and a prominent electric vehicle brand, has entered into a Memorandum of Understanding (MoU) with Telangana Grameena Bank (TGB), a regional rural bank affiliated with the State Bank of India (SBI).
This strategic partnership aims to facilitate vehicle financing for Montra Electric customers, offering them more accessible loans with lower interest rates and extended repayment terms for the Montra Electric Super Auto. Under this collaboration, TGB will provide comprehensive financial solutions to Montra Electric’s customers.
Sushant Jena, Head of Montra Electric’s 3W Division, emphasized the importance of this partnership in enabling dealers to access tailored financing solutions that align with India’s growing focus on sustainable and eco-friendly mobility.
The lower interest rates and extended loan tenures are expected to make owning and operating a Super Auto more affordable for customers, promoting both environmental sustainability and financial feasibility.
Y Sobha, Chairman of Telangana Grameena Bank, highlighted the customer-centric approach of this collaboration, emphasizing the importance of enhancing the customer experience. This partnership not only supports vehicle financing but also opens doors to a range of financial services to meet the needs of Montra Electric’s customers, aligning with the bank’s commitment to environmentally friendly business practices.