Manba Finance Ltd, a prominent non-banking financial company, has entered into a Memorandum of Understanding (MoU) with Piaggio Vehicles Pvt Ltd (PVPL), a wholly-owned subsidiary of the Piaggio Group and a leading manufacturer of small commercial vehicles in India. This partnership is designed to offer customized financing solutions to customers, including low down payments, attractive interest rates, and flexible loan tenures of up to four years.
The MoU was formalized by Diego Graffi, CMD at Piaggio Vehicles Pvt Ltd, and Monil Shah, CBO & Director, Manba Finance Ltd, in the presence of Amit Sagar, EVP of Sales and Retail Finance, and 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.
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, 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.
