Mahindra Last Mile Mobility & PNB Join Hands to Boost EV Financing Across India

Key Highlights

• Mahindra LMM partners with PNB for EV financing.

• Loans are available across PNB’s 10,000+ branches.

• Supports Treo, Zor Grand, e-Alfa, ZEO 4W SCV.

• Aims to boost EV adoption nationwide.

• Strong rural and semi-urban outreach.

Mahindra Last Mile Mobility Limited (MLMML) has partnered with Punjab National Bank (PNB) to make electric vehicle (EV) financing easier and more accessible across the country. This new collaboration aims to help more customers buy electric three-wheelers and four-wheelers by offering simple and affordable loan options.

Strategic MoU to Expand EV Financing

Mahindra Last Mile Mobility, a leader in India’s electric commercial vehicle segment, has signed a Memorandum of Understanding (MoU) with PNB. Through this partnership, customers will get simplified access to loans for the entire MLMML product range. The move also supports the company’s mission to make advanced and eco-friendly last-mile mobility solutions available to a wider audience.

This announcement comes shortly after MLMML achieved a major milestone by crossing 3 lakh commercial EV sales, the highest by any company in India. On the other hand, PNB, India’s second-largest public sector bank, will use its strong network of over 10,000 branches to offer tailored financing options, especially in rural and semi-urban areas.

Leadership Speaks on the Partnership

Ms. Suman Mishra, Managing Director and CEO of MLMML, shared that the collaboration will further strengthen customer access to EV financing and ensure a hassle-free ownership experience across India.

Shri Ashok Chandra, MD & CEO of PNB, highlighted that the bank is committed to supporting sustainable mobility. He added that the partnership will create a smooth and customer-friendly purchase journey while accelerating India’s shift toward electric transportation.

Strengthening India’s Last-Mile Mobility Market

MLMML, a subsidiary of Mahindra & Mahindra Ltd., is the market leader in the electric small commercial vehicle category. Its popular range includes the Treo series, Zor Grand, e-Alfa, and the ZEO 4W SCV. The company offers a mix of electric, petrol, CNG, and diesel models designed for both passenger and cargo needs.

With PNB offering flexible loan schemes and easy repayment options, this partnership is expected to boost EV adoption and support the growth of India’s last-mile mobility ecosystem.

PNB, established in 1894, brings decades of banking experience and a strong focus on financial inclusion and digital banking, making it a valuable partner in expanding EV accessibility across the nation.

Also Read: Bajaj Auto to Expand E-Rickshaw Riki to 200 Cities by Q1 2026

CMV360 Says

The partnership between Mahindra Last Mile Mobility and Punjab National Bank marks a major step toward expanding EV accessibility in India. With flexible financing, a widespread branch network, and strong leadership commitment, the collaboration will simplify EV ownership for customers across rural and urban regions. This joint effort is expected to accelerate last-mile mobility growth, strengthen sustainable transportation, and support India’s transition toward cleaner and more efficient mobility solutions.