Image Source: 91trucks.com
Mahindra Last Mile Mobility & PNB MoU: November 2025 Partnership Highlights
- Scope: PNB to finance entire MLMML portfolio (electric + ICE) via 10,000+ branches nationwide.
- Focus Segments: Customized schemes, flexible EMIs, and priority for semi-urban & rural markets.
- MLMML Milestone: First Indian company to cross 3 lakh electric 3-wheeler sales.
- Product Range: Treo, Treo Plus, Treo Zor, Zor Grand, and e-Alfa (electric) plus petrol/CNG/diesel variants.
- Leadership Quotes:
→ Suman Mishra (MLMML CEO): “Making advanced last-mile vehicles affordable and seamless for all”
→ Ashok Chandra (PNB MD & CEO): “Simplify the purchase journey and accelerate EV adoption.” - Strategic Fit: Combines India’s No. 1 electric 3W maker with the 2nd largest PSU bank for the deepest rural reach.
Mahindra Last Mile Mobility Teams Up with PNB: Nationwide Financing for Electric 3-Wheelers Now Just a Branch Away!
In a major boost for last-mile electrification, Mahindra Last Mile Mobility Limited (MLMML) and Punjab National Bank (PNB) signed a landmark Memorandum of Understanding on November 25, 2025, to roll out seamless vehicle financing across PNB’s vast network of over 10,000 branches. The partnership, announced via Autocar Professional, puts affordable loans within walking distance for millions of semi-urban and rural buyers eyeing Mahindra’s record-breaking electric three-wheelers.
PNB will now offer tailored finance packages with flexible repayment tenures for MLMML’s full lineup: the flagship Treo, Treo Plus, Treo Zor, Zor Grand, and e-Alfa electric cargo/passenger models, plus their petrol, CNG, and diesel siblings. Coming just weeks after MLMML became the first company in India to cross 3 lakh electric three-wheeler sales, the tie-up perfectly times the next phase of growth in the segment that moves everything from milk cans to e-commerce parcels.
Why This Partnership Changes the Game
Suman Mishra, MD & CEO of Mahindra Last Mile Mobility Limited, called it a “commitment to making advanced last-mile mobility vehicles affordable and seamless for all.” On the banking side, 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 and accelerate the adoption of electric vehicles in India.”
Few combinations match this reach. PNB, founded in 1894 and India’s second-largest public sector bank, blankets even Tier-4 towns and villages. Pair that with MLMML’s category leadership (over 60% share in electric three-wheelers), and suddenly the biggest barrier to EV ownership in price-sensitive rural markets, easy financing, disappears.
From 3 Lakh Sales to the Next Million
Mahindra’s electric three-wheelers already dominate streets in Uttar Pradesh, Bihar, West Bengal, and beyond. With PNB’s branch network now acting as de facto sales-cum-finance points, expect penetration to surge in exactly the pockets where diesel rickshaws still rule. Lower EMIs, quick sanctions, and localized documentation will convert “planning to buy” into “driving home today” for thousands of small entrepreneurs.
This MoU joins a growing list of bank tie-ups for MLMML (earlier pacts with Bank of Baroda, SBI, and others), but none match PNB’s sheer footprint. For Punjab National Bank, it is a high-volume, low-risk green portfolio that ticks every ESG box.
As India targets 30% EV penetration by 2030 and last-mile delivery booms, Mahindra and PNB just switched on the afterburners. The next lakh electric three-wheelers might get sold not in showrooms, but inside your neighborhood PNB branch.
Source: autocarpro.in
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“Mahindra + PNB Join Forces: Electric 3-Wheelers on EMI at 10,000+ Branches!”
