Mahindra, PNB Partner to Boost EV Financing Nationwide

Mahindra Last Mile Mobility Limited (MLMML), the country’s leading electric commercial vehicle manufacturer, has joined hands with Punjab National Bank (PNB) to strengthen access to affordable financing for last-mile electric mobility. The two organisations signed a Memorandum of Understanding (MoU) on November 25, marking a strategic collaboration that aims to accelerate the adoption of electric vehicles in both urban and semi-urban transport ecosystems.

The partnership comes at a pivotal moment for MLMML, which recently achieved a major industry milestone by crossing 3 lakh commercial EV sales—the first company in India to do so in this segment. With electric three-wheelers and small commercial EVs gaining prominence in logistics, mobility services and neighbourhood transport, the alliance is expected to provide a strong push to MSMEs, small fleet owners, and self-employed drivers seeking easy access to credit.

Under the MoU, PNB, India’s second-largest public sector bank, will offer customized vehicle finance solutions across its more than 10,000 branches nationwide. Its wide reach in rural and semi-urban pockets—regions that have shown rapid adoption of electric commercial vehicles—will help bring Mahindra’s EV portfolio closer to thousands of potential customers. Tailor-made repayment plans, flexible loan options and simplified processing are expected to form the backbone of the financing programme.

Speaking about the collaboration, Suman Mishra, Managing Director and CEO of Mahindra Last Mile Mobility Limited, said the partnership aligns with the company’s mission of making sustainable transport accessible to all. “We are pleased to partner with PNB and enable access to their comprehensive finance solutions for our valued customers. This collaboration will support MLMML’s commitment to making advanced last mile mobility vehicles affordable and seamless for all,” she stated.

Echoing the sentiment, Ashok Chandra, MD & CEO of Punjab National Bank, emphasised the bank’s focus on enabling greener mobility solutions through inclusive financial offerings. “We are delighted to join hands with Mahindra Last Mile Mobility Limited to make eco-friendly transportation solutions more accessible. This partnership reflects our dedication to sustainable practices and customer-centric financial offerings. Together, we aim to simplify the purchase journey for customers and accelerate the adoption of electric vehicles in India,” he noted.

The collaboration is expected to benefit a wide spectrum of buyers—from small business owners transitioning to electric three-wheelers for last-mile connectivity to logistics operators scaling their EV fleets. With both organisations prioritising ease of ownership, the initiative will likely contribute to the rising momentum of EV penetration in India’s commercial mobility landscape.

The partnership between MLMML and PNB signals a broader push toward sustainable transportation, combining manufacturing strength with financial inclusion to support India’s evolving clean mobility goals.