Piaggio and SBI Join Hands to Finance 3-Wheelers Under UP CM Yuva Yojana

Key Highlights

• Piaggio and SBI signed an MoU under UP CM Yuva Yojana.

• Financing available for Piaggio electric and ICE three-wheelers.

• SBI will use its 1,600+ branch network in Uttar Pradesh.

• Applicants aged 25-40 years can access scheme benefits.

• Loans include subsidy support, up to 90% funding, and no guarantor requirement.

In a move aimed at boosting youth entrepreneurship and self-employment in Uttar Pradesh, Piaggio Vehicles Pvt Ltd (PVPL) has signed a Memorandum of Understanding (MoU) with State Bank of India (SBI). The partnership will provide financing support for Piaggio three-wheelers under the Uttar Pradesh government's CM Yuva Yojana.

The initiative is expected to help young entrepreneurs gain easier access to vehicle ownership and create new income-generating opportunities across the state.

Financing Support Through Government Schemes

Under the partnership, SBI's Lucknow Circle will offer financing solutions for Piaggio's range of electric and internal combustion engine (ICE) three-wheelers. The program will be implemented through the CM Yuva Yojana and Mudra schemes, both of which are designed to promote self-employment and entrepreneurship among youth.

SBI will leverage its extensive network of more than 1,600 branches across Central and Eastern Uttar Pradesh to make financing more accessible to eligible applicants.

Key Benefits for Eligible Applicants

Young entrepreneurs between the ages of 25 and 40 years can avail several benefits under the scheme, including:

• Interest-free loans supported by government subsidies

• Funding support covering 85% to 90% of vehicle costs

• Repayment tenure of up to four years

• No guarantor requirement

• Easier access to commercial vehicle ownership

These benefits are expected to reduce the financial burden on first-time entrepreneurs and encourage more youth to start their own transport-related businesses.

Piaggio to Set Up Dedicated Help Centres

To simplify the application and onboarding process, Piaggio will establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh.

These centres will assist applicants with documentation, financing support, eligibility verification, and enrollment under the scheme, making the process faster and more convenient.

Piaggio on the Partnership

Commenting on the collaboration, Amit Sagar, Executive Vice President, CV Domestic Business and Retail Finance at Piaggio Vehicles Pvt Ltd, said:

"Through this partnership, Piaggio India and State Bank of India are bringing together the strength, trust, and reach of two respected institutions to make vehicle ownership simpler, faster, and more accessible."

Supporting Entrepreneurship and Commercial Mobility

The partnership reflects a shared commitment by Piaggio and SBI to support entrepreneurship-focused initiatives in Uttar Pradesh. By providing subsidized vehicle ownership and easier financing options, the collaboration aims to expand access to commercial mobility solutions while helping young people build sustainable livelihoods through self-employment.

Also Read: Mahindra CV & 3-Wheeler Sales Rise 36% in May 2026; Exports Grow 37%

CMV360 Says

The partnership between Piaggio Vehicles and SBI is expected to create new opportunities for aspiring entrepreneurs in Uttar Pradesh. By combining government-backed financial support with accessible vehicle financing, the initiative can help more young people enter the commercial mobility sector. The move not only promotes self-employment but also supports the wider goal of economic growth and entrepreneurship development across the state.