look news india
Manaba Finance: Manaba Finance Limited, a leading non-banking finance company, has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles Pvt. Ltd. (PVPL), a wholly owned subsidiary of Piaggio Group and a leading manufacturer of small commercial vehicles in India. The collaboration aims to provide customers tailored financing solutions with small down payment options, competitive interest rates and loan tenures of up to four years.
The MoU was signed between Diego Graffi, CMD and CBO of Piaggio Vehicles Pvt Ltd and Mr. Monil Shah, Director, Manba Finance Ltd. The MoU was signed in the presence of Amit Sagar, EVP, Sales & Retail Finance, Manaba Finance and Nilesh Arya, Head, Retail Finance, Piaggio Vehicles Pvt. Ltd.
Under this agreement, Manaba Finance and Piaggio Vehicles will create a dedicated central coordination team to oversee the implementation of this partnership. The team will focus on key areas such as product structuring, interest rate optimization, resource allocation, centralized communication and training to ensure efficient execution and monitoring of the linkage.
The collaboration comes as electric three-wheeler (3W) sales reached a record high of 65,700 units in October, driven by festive demand and adoption of sustainable mobility options. The electric 3W is just 16,856 units away from surpassing the calendar year 2023 total of 583,597 units.
Covering both internal combustion engine (ICE) and electric vehicle (EV) variants, the partnership supports India’s EV transition while encouraging entrepreneurship in the 3W segment. Special loan ideas are also available for women entrepreneurs. Inclusivity will increase further.
Through a simple digital onboarding process, customers can experience a streamlined and efficient financing journey, underscoring Manaba Finance’s commitment to customer convenience and accessibility.
Speaking on the occasion, Monil Shah, CBO and Director of the company, said, “We are proud to be associated with one of India’s leading 3-wheeler manufacturers, a trusted brand among aspiring entrepreneurs across the country. This partnership strengthens our footprint in the 3-wheeler segment. Enabling us to provide easy digital loan solutions to our customers.