Mahindra & Mahindra (M&M), a leading automobile manufacturer, has signed two MoUs with State Bank of Hyderabad (SBH) for vehicle finance.

As a result of these MoUs, SBH will now become a preferred financier for Mahindra vehicles, encompassing both commercial vehicles and passenger vehicles.

The lender quoted in an official release that for commercial vehicles, customers can avail of loan up to 85 per cent of the on-road price of the vehicle, with tenure of 3-5 years.

However for passenger vehicles, customers can avail of loan up to 85 per cent of the on-road price of the vehicle (for loans up to Rs 6 lakh) or up to 70 per cent of the on- road price of the vehicle (for loans above Rs 6- akh) with a tenure of up to 7 years.

The shares of M&M closed on Friday at Rs 697. The counter has made 52-week-high and low of Rs 824 and Rs 235 respectively.