Mahindra Last Mile Mobility Limited (MLMML), India’s leading electric small commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to expand financing access for its entire EV and ICE last-mile mobility portfolio. The partnership is aimed at boosting the adoption of electric commercial vehicles across India’s rapidly growing last-mile delivery and passenger mobility segments.
MLMML recently crossed the three lakh commercial EV sales milestone, becoming the first company in India to achieve this scale in the last-mile mobility category. Through this collaboration, PNB—India’s second-largest public sector bank with over 10,000 branches—will offer customised vehicle finance schemes, flexible repayment structures, and deep outreach, especially in semi-urban and rural markets where demand for affordable EV solutions is rising.
Speaking about the partnership, Suman Mishra, Managing Director & CEO, MLMML, said the association with PNB would enable more customers to transition to advanced electric mobility solutions. “This collaboration will support our commitment to making last-mile mobility vehicles more accessible and affordable for all,” she said.
Ashok Chandra, MD & CEO of PNB, highlighted that the initiative reflects the bank’s focus on promoting sustainable transportation. “We aim to simplify the purchase journey for customers and accelerate the adoption of electric vehicles in India,” he noted.
MLMML, a subsidiary of Mahindra & Mahindra Ltd., manufactures popular electric three-wheelers such as the Treo range, Zor Grand, e-Alfa and the ZEO 4W small commercial EV, along with CNG, petrol, and diesel variants under the Alfa and Jeeto brands. The company continues to maintain the widest portfolio in India’s last-mile mobility space.
Founded in 1945, the Mahindra Group remains a major global player across mobility, farm equipment, IT, and renewable energy. PNB, established in 1894, is among India’s most trusted banking institutions with a strong focus on financial inclusion and digital transformation.
