Mahindra Last Mile Mobility Limited (MLMML), India’s leading electric commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with Punjab National Bank (PNB) to provide tailored vehicle financing solutions. The partnership aims to enhance access to financing and accelerate adoption of electric vehicles in last-mile connectivity.
MLMML, which recently crossed the milestone of 3 lakh commercial EV sales—the first by any company in India—will leverage PNB’s extensive network of over 10,000 branches to reach customers across urban, semi-urban and rural markets. The collaboration will offer customised finance schemes, flexible repayment schedules and seamless access to the full range of MLMML vehicles.
Suman Mishra, Managing Director and CEO of MLMML, said, “We are pleased to partner with PNB and enable access to their comprehensive finance solutions for our valued customers. This collaboration will support MLMML’s commitment to making advanced last-mile mobility vehicles affordable and seamless for all.”
Ashok Chandra, MD & CEO of PNB, added, “This partnership reflects our dedication to sustainable practices and customer-centric financial offerings. Together, we aim to simplify the purchase journey for customers and accelerate the adoption of electric vehicles in India.”
The collaboration is expected to strengthen the EV ecosystem in India by combining MLMML’s electric mobility expertise with PNB’s financial reach, particularly in smaller towns and rural regions, thereby supporting the country’s transition to sustainable transportation.
