Reachingthe Unreachable
How the NBFC for the nation's heart goes about its business of touching and transforming the lives of the forgotten
India was a different country in 1991, limited in its movement — and its mindset
It wasn’t connected to the world, and in many ways, not even to itself. Movement from one city to the next could take days, and if you wanted to visit your ancestral village, north of a week. Villages and small towns were remote, and the roads that led to them kutchaa (unpaved) and ill-lit. In some of rural India’s darkest corners, drinking water was a blessing. Electricity a luxury. Mindsets were limited too when it came to money matters. Villagers were wary of outsiders, steeped in traditional modes of finance, and indebted to moneylenders and the like.
In more ways than one, rural India was unreachable. And it was in these difficult conditions that Mahindra Finance began its business of changing lives.
Sometimes, the sheer enormity of numbers tell a story
Today, as India’s largest rural non-banking financial company, Mahindra Finance has impacted the lives of over 3.6 million customers.
Created
>18,000
new jobs
Managed assets worth
360,000
million
Financed assets worth
1,500,000
million
Mahindra Financeis present in:
2,40,000 or 38%villages in India
7,000+ towns
1,100+ branches
18,000+ committed workers
But numbers never tell the full story; after all, a smile that breaks when a dream’s fulfilled cannot be quantified.
There’s much more to Mahindra Finance that just its impressive numbers, and it begins than a profound understanding of our customers. The milkman. The farmer. Local shopkeeper. The auto-rickshaw wallah. These are our treasured customers for whom we create value, and each come with their own set of struggles—and aspirations.
“I am extremely happy that my dream of owning a school bus could be fulfilled with the support of Mahindra Finance! Thanks to this, our school continues to progress and achieve various milestones of development!”- Sharadha, a teacher in Jagtiyal, Andhra Pradesh, has been a commercial vehicle loan customer since 2010
It’s why no matter where you are,
“Most banks look for loopholes to reject a loan application, as they don’t want to take a risk. But I was happy to find an organization which works the opposite way - they try and find solutions that enable a loan to get processed!”- Parmeshwar Shamrao Kadam ran a small tea stall in Khanapur Phata, Parbhani, Maharashtra, bought a home for his family with a home loan
Financial Freedom
“Majdoor se maalik (from labourer to owner) — I owe a lot to Mahindra Finance. I was an ordinary labourer working in a brick manufacturing plant. But I always wanted to start my own business of transporting goods. However, the major obstacle was getting finance to buy a tractor. I approached various banks and other financial institutions and was informed that they do not offer re-finance as a product. This is where Mahindra Finance came in and offered me a tractor loan without any hassles. Today, I’m my own boss and earning a respectable income. To be honest, Mahindra Finance has totally changed my life!- Krishna, Jhajjar, Haryana
Inclusive Innovation
Our understanding of our customers sees us innovate to suit not just their financial needs, but their mindset too.
It’s why our product portfolio covers commercial, vehicles, home, SME, insurances products and services, with over multiple customised offerings. We also offer fixed deposits, mutual funds, and bonds. It’s a comprehensive bouquet that makes sure our customers are covered, no matter what their individual need is.
Our unique Earn & Pay model leads to quicker service, flexible documentation, lower interest rates than traditional sources, and the use of assets under loan to earn from it.
Our customer-centricity also means we offer a six month EMI instead of a monthly one.
Earn & Pay
Quicker service
Flexible documentation
Lower interest rates
Use of assets under loan
Six month EMI
One of our key innovations is literally human-centred. It translates to using qualitative sources like neighbourhoods and village authorities to judge credit-worthiness, and hiring local men and women as full-time field officials, reducing our dependence on formal methods and making doorstep disbursement and collection efficient and fast.
One of our key innovations is literally human-centred. It translates to using qualitative sources like neighbourhoods and village authorities to judge credit-worthiness, and hiring local men and women as full-time field officials, reducing our dependence on formal methods and making doorstep disbursement and collection efficient and fast.
Similarly, our field force is equipped with state-of-the-art Hand Held Devices for speedier services, and to reduce our dependence on branches. The HHD has customised hardware and software, with features like SMS services, a biometric reader, GPS, and offline services to ensure that connectivity or not, we’re there by your side.