Manba Finance Signs MoU with Piaggio Vehicles to Offer Customized Financing Solutions for 3-Wheelers

 

New Delhi. Manba Finance Ltd, a leading non-banking finance company, has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles Pvt Ltd (PVPL), a wholly-owned subsidiary of the Piaggio Group and a prominent manufacturer of small commercial vehicles in India. The collaboration aims to provide tailored financing solutions to customers, featuring low down payment options, competitive interest rates, and loan tenures of up to four years.

 

The MoU was formalized by Mr. Diego Graffi, CMD at Piaggio Vehicles Pvt Ltd, and Mr. Monil Shah, CBO & Director, Manba Finance Ltd, in the presence of Mr. Amit Sagar, EVP of Sales and Retail Finance, and Mr. Nilesh Arya, Head of Retail Finance, Piaggio Vehicles Private Limited.

Under this agreement, Manba Finance and Piaggio Vehicles will form a dedicated central coordination team to oversee the partnership’s implementation. The team will focus on key areas such as product structuring, interest rate optimization, resource allocation, centralized communication, and training to ensure the efficient execution and monitoring of the tie-up.

This collaboration comes as electric three-wheeler (3W) sales reached a record high of 65,700 units in October, a peak driven by festive demand and growing adoption of sustainable mobility options. Electric 3Ws are just 16,856 units away from surpassing the calendar year 2023 total of 583,597 units.

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Covering both internal combustion engine (ICE) and electric vehicle (EV) variants, this partnership supports India’s EV transition while encouraging entrepreneurship in the 3W segment. Special financing considerations are also available for women entrepreneurs, further enhancing inclusivity.

Through a seamless digital onboarding process, customers can experience a streamlined and efficient financing journey, underscoring Manba Finance's commitment to customer convenience and accessibility.

Speaking on the occasion, Mr. Monil Shah, CBO & Director, said, "We are proud to collaborate 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 while enabling us to provide seamless digital lending solutions to our customers."

This initiative reflects Manba Finance’s commitment to supporting India’s shift towards sustainable mobility and empowering small and large entrepreneurs across the country.

puspanjali@conceptpr.com