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The dream of owning a brand-new commercial electric vehicle is closer than ever for fleet entrepreneurs, self-employed individuals, and commercial transport businesses looking to expand their vehicle portfolio. November 2025 marks another prominent stride for India’s No. 1 commercial EV manufacturer, Mahindra Last Mile Mobility, as it signs a Memorandum of Understanding with Punjab National Bank, the country’s second-largest public sector bank. MLMM is the first company ever to cross the historic sales milestone of over 3 lakh commercial EVs.
Let’s walk through the fundamental details of how this partnership will benefit numerous individuals, fleet businesses, small, medium or enterprise-scale, looking to buy commercial electric vehicles to expand their transport operations.
The high upfront costs of electric vehicle ownership are among the single largest barriers for growing fleet operators and rickshaw drivers. Although electric vehicles offer a superior degree of operational savings in the long term, the initial investment often remains out of reach for aspiring potential buyers without any accessible financing solutions.
Moreover, a range of factors surrounding the last-mile mobility sector makes it a high-risk investment for traditional financial institutions. Other challenges include lengthy documentation, a time-consuming approval process, and limited rural reach, which make it difficult for small businesses operating in tier-2 and tier-3 cities to expand their vehicle portfolio.
The Mahindra LMM-PNB collaboration leverages the established network of over 10,000 PNB branches in different cities to reach out to potential business owners in rural and semi-urban markets. This partnership directly addresses the consumer pain points through simplified credit processing, quick documentation, flexible repayment options and nationwide accessibility.
Here are a few crucial points highlighted in the Mahindra LMM-PNB MoU.
Ms. Suman Mishra, MD and CEO of MLMM, proudly mentioned that their collaboration with PNB demonstrates their fierce commitment to making advanced last-mile mobility solutions a possible reality for all and positively impacting the buyers. She emphasised that this partnership provides accessible financial support for different buyers and simplifies their purchase journey.
Speaking at the event, Mr. Ashok Chandra, MD and CEO of Punjab National Bank, stated that this partnership reflects their unwavering dedication to scaling sustainable practices and their focus on providing customer-centric financial offers. Together, they aim to simplify the customer’s commercial vehicle purchase journey while accelerating the adoption of electric vehicles across the country.
The MoU signing ceremony took place in New Delhi and was led by senior officials from both MLMM and PNB.
Mahindra Last Mile Mobility’s fleet of electric vehicles has crossed the 3 lakh units mark, making it the undisputed leader in the commercial electric vehicle segment. This significant milestone reflects MLMM’s success in numbers and validates its innovative, customer-centric approach in manufacturing award-winning EVs.
Its portfolio of remarkable electric vehicles includes the Treo range, Zor Grand, e-Alfa Plus and the recently launched Mahindra ZEO - a commercial electric mini-truck. MLMM also includes a top-notch portfolio of petrol, CNG and diesel vehicles, such as the Alfa and Jeeto range, catering to the last-mile passenger and cargo segments.
The comprehensive vehicle lineup of MLMM ensures that fleet entrepreneurs find commercial passenger and cargo vehicles perfectly matching their business needs.
Established in 1894, the Punjab National Bank is India’s second largest public sector bank that serves millions of account holders through its extensive network of branches spread out in different cities across the country. They have an established presence in the semi-urban and rural markets, areas often underserved by many other private financial institutions.
PNB’s digital transformation initiatives ensure that potential customers experience seamless financial and documentation support in their buying process by combining the efficiency of modern digital platforms with the customised personal touch of branch banking.
Through this partnership, PNB aims to offer customised financing plans, with convenient repayment schedules, tailored to the vehicle operator’s unique cashflow patterns, understanding the seasonal variations and fluctuating income structures of fleet businesses.
The financing support offered through the Mahindra LMM-PNB partnership covers complete vehicle portfolios in both the EV and ICE segments, ensuring that potential buyers get convenient access to their desired solutions regardless of technology preference or operational requirements.
For instance, fleet operators operating in cities with developing charging infrastructure can explore the fuel-efficient Alfa and Jeeto range in the CNG, petrol and diesel variants. Those looking to own a commercial electric vehicle can explore the Mahindra Treo Plus range for passenger needs, and the Mahindra ZEO, Treo Zor, Zor Grand DV Plus or e-Alfa cargo for cargo transportation needs.
This prominent partnership of Mahindra LMM’s market-leading vehicles with PNB’s accessible financing choices creates a complete web that supports entrepreneurial success right from vehicle purchase to its operational phases. The competitive interest rates combined with convenient repayment options reduce the total cost of vehicle ownership, thus improving the return on investment.
The simplified documentation process and faster credit processing eliminate traditional financing frustrations that result in lost business opportunities. Moreover, its digital and physical customer experience process ensures that urban customers and traditional rural entrepreneurs both receive appropriate support to fund their new commercial vehicle.
PNB's strong presence in semi-urban and rural markets means that aspiring transport entrepreneurs in smaller towns and villages can also access convenient financing options as their metropolitan counterparts.
Knowing more about the financing options for Mahindra LMM vehicles follows a streamlined process designed for faster approvals and utmost customer convenience. Potential buyers interested in exploring the wide range of Mahindra LMM commercial vehicles can visit their nearest authorised MLMM dealership store. Trained consultants at these stores will assess your requirements and recommend the best vehicle configuration that serves your specific business needs.
Alternatively, customers can also approach any of PNB's 10,000+ branches across India to explore financing options directly. Branch staff trained on Mahindra LMM's product portfolio can guide customers through vehicle selection and financing processes, ensuring informed decisions that match customer business requirements with appropriate solutions.
In this process, the documentation has been limited to essential details to eliminate any complexity that can hinder commercial vehicle financing options. Streamlined credit processing and faster turnaround times ensure fleet entrepreneurs can commence their operations with new vehicles sooner, capitalising on the prevalent business opportunities without relying on extended waiting periods.
The Mahindra LMM and PNB partnership is more than a financing support for fleet businesses. It is a commitment towards scaling India’s clean mobility revolution. The collaboration of the nation's leading electric vehicle manufacturer with the second-largest PSU addresses the growing challenge preventing wide-scale EV adoption. It brings large-scale accessibility and affordable financing choices for fleet entrepreneurs across India.
The comprehensive coverage of Mahindra LMM's complete vehicle range, from electric three-wheelers to ICE four-wheelers, in this partnership ensures that every business finds appropriate solutions backed by institutional financing.
The significant Mahindra LMM-PNB partnership is an MOU that reflects the leading electric vehicle manufacturer’s dedication to sustainable transportation in the last-mile mobility sector. Through this partnership, the Punjab National Bank offers customised financing schemes and convenient repayment options to fleet owners looking to expand their EV portfolio.
Currently, all the vehicles in the passenger and cargo categories of Mahindra's last-mile mobility are eligible for PNB financing options. It includes popular electric models such as Mahindra Treo, Mahindra Zor Grand, Mahindra ZEO, e-Alfa and ICE vehicles such as Alfa, Jeeto Strong, among others.
Yes. Fleet business owners can conveniently finance both EVs and ICE vehicles under the MLMM-PNB financing program, ensuring comprehensive financing support regardless of technology preference.
Potential buyers looking to buy their next Mahindra EV or ICE-powered vehicle through PNB financing support can visit Mahindra LMM dealership stores and fill out an application form, providing the necessary details required to process the bank formalities. Customers can also approach PNB’s 10000+ branches across the country to explore the financing options.
The partnership of India’s leading electric vehicle manufacturer with the nation’s second-largest public sector banks provides customers with flexible repayment options, competitive interest rates, streamlined bank formalities and nationwide accessibility through an extensive network of branches across different cities.
*Range is Typical Driving Range
