The partnership will cover both new and pre-owned car loans.

Under this tie-up, Mahindra Finance will generate new and pre-owned car loan leads for Bank of Baroda through its widespread field and branch distribution channels, complemented by Bank of Baroda’s wide network across the country for loan processing.

Mahindra Finance is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sectors, the company has over 8.7 million customers and an AUM of over USD 11 billion. The company is a leading vehicle and tractor financier and reaches out to customers spread over 380,000 villages and 7,000 towns across the country.

The tie-up came into effect from April 1, 2023, with pan-India coverage.

Rajesh Malhotra, the Chief General Manager (Retail Assets, MSME, and Rural & Agri Banking) at Bank of Baroda, said, “This is the beginning of our partnership with Mahindra Finance in the car loan business. Bank of Baroda and Mahindra Finance are two respected financial services institutions with a strong presence in vehicle financing, and this partnership enables us to widen our reach and cater to borrowers in every segment.”