Mahindra & Mahindra Financial Services (MMFSL) was incorporated in 1991; it is one of the leading non-banking finance companies.
MMFSL is a subsidiary of Mahindra & Mahindra (M&M). It provides finance for purchase of utility vehicles (UV), tractors and cars, two/ three-wheeler, refinance, commercial vehicle, construction equipments and home loans.
Initially, MMFSL financed M&M UVs, tractor and cars; however, later it expanded funding services to vehicles of other manufacturers as well. It primarily focused on rural and semi-urban sector. The company has subsidiary namely Mahindra Insurance Brokers (MIBL).It has pan-India presence.
The company has tied up with Maruti Udyog to provide retail finance for its vehicles.
Products and Services
It offers financial loans for tractors, utility vehicles, light commercial vehicles, cars, two wheelers, three-wheelers and used vehicles. Home Loans, Personal Loans, SME loans.
It also offers services such as mutual fund distributions, financial advisory services and Insurance, Fixed Deposits, Bonds
1991- Incorporated as Maxi Motors Financial Services Limited
Received certificate of commencement of business
1992- Name changed to Mahindra & Mahindra Financial Services Limited
1993 - Commenced financing of Mahindra and Mahindra Utility Vehicles
1995 - Opened our first branch outside Mumbai, at Jaipur
1996 - Commenced financing M&M dealers for purchase of tractors
1998 - Launched a pilot project for retail tractor financing
1999 - Commenced tractor retail financing in rural and semi-urban areas
2001 - Total Assets crossed the 10 billion mark
2002 - Commenced financing of non-Mahindra & Mahindra vehicles; Received Tier II debt from International Finance Corporation; Made our first securitisation transaction of Rs 438.8Million
2004 - Opened a branch in Port Blair; Received a long-term credit rating of AA+/Stable; Commenced Insurance Broking through our subsidiary MIBL; Securtisation of tractor assets of Rs.256.6 million; Listing of non convertible debentures on BSE on the wholesale debt market segment
2005 - Tied up with HPCL Made Mahindra Insurance Brokers Ltd our wholly owned subsidiary
2006 - Issued IPO; Tied up with Maruti Udyog
2007 - Reach extended to over 400 branches
2008 - Commenced the home loan business through our subsidiary, Mahindra Rural Housing Finance Limited (MRHFL)
2009 - Recommenced Fixed Deposit programme; Received 12.5% equity participation from NHB for our Subsidiary Mahindra Rural Housing Finance
2010 - Loan against Gold launched in Kerala; Assets Under Management crosses Rs. 10000 crores; PBT crosses Rs. 500 crores; Branch network crosses 550 branches; More than 2 lakh new customer contracts in a financial year for the first time
2011 - Crossed the benchmark of Rs. 100 billion in Total Assets; Maiden QIP Issue; Joint Venture with Rabobank subsidiary for tractor financing in USA and ventured into SME financing 2011 - Joint Venture with Rabobank subsidiary for tractor financing in USA
2013 - Winner of the prestigious Golden Peacock Award for Excellence in Corporate Governance.
-M&M Fin.Services Woori Financials & Mahindra Finance sign MOU for Joint Venture
2014 - Mahindra Finance wins ABP Award for Most Admired Company in Financial Service Sector
-MIBL declared 'Broker of the Year' at 18th Asia Insurance
2015 -Mahindra Finance wins the Golden Peacock National Training Award
2016 -M&M Fin.Services SEBI grants licence to Mahindra Mutual Fund
-M&M Fin.Services Ranked 5th in Financial Services Sector in India
-Ranked 68th among 791 employers surveyed in India
-Ranked 3rd in Workplace Transformation Case Study'