Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited
महिन्द्रा एंड महिन्द्रा फायनांशियल सर्विसेस लिमिटेड
Type Public company
Traded as NSEM&MFIN
Industry NBFC
Founded 1991
Headquarters Mumbai, Maharashtra, India
Area served India
Key people Ramesh Iyer, MD
Products Financial services
Revenue IncreaseINR38947 million (US$650 million) (FY'13)[1]
Total assets Increase INR254,924 million (FY'13)
Total equity Increase INR1,126 million (FY'13)
Employees 11,270 (FY'13)
Parent Mahindra & Mahindra
Subsidiaries Mahindra Insurance Brokers Limited
Mahindra Rural Housing Finance

Mahindra & Mahindra Financial Services Limited (MMFSL) is one of India’s leading Rural NBFC headquartered in Mumbai, India.[2] It is amongst the top tractor financer in India and offers a wide range of financial products to address varied customer requirements.[3] The NBFC has 657 offices spread across over 1.3 lac villages across India with a total of 2.5 Million customers till date.


The Mahindra Finance journey started on January 1, 1991, as Maxi Motors Financial Services Limited.[4] They received the certificate of commencement of business on February 19, 1991. On November 3, 1992, Mahindra Finance changed their name to Mahindra & Mahindra Financial Services Limited.[5] Mahindra Finance is registered with the Reserve Bank of India as an asset finance, deposit taking NBFC.

In 1993 it commenced financing M & M Utility vehicles and in 1995 started its first branch outside Mumbai, in Jaipur. Began financing Non M & M vehicles in 2002 and got into the business of financing of Commercial Vehicles and Construction Equipments in 2009. 2011 was the year in which they had a Joint Venture with Rabobank subsidiary for tractor financing in USA and consolidated the product portfolio by introducing Small and Medium Enterprises (SME) financing.[6]

Corporate Affairs

The company is primarily run by the following:[7]

Managing Director

Chief Financial Officer

Chief People Officer

Vice President - Marketing & Strategy



Managing Director, MIBL

Vice President - Operations

Vice President - Finance & Accounts

Products and Services

Vehicle Financing

Vehicle Financing: Auto and utility vehicles, tractors, cars, commercial vehicles and construction equipment Pre-owned vehicle financing: Loans for pre-owned cars, multi-utility vehicles, tractors and commercial vehicle

SME Financing

Loans for varied purposes like project finance, equipment finance and working capital finance.[8]

Housing Finance

Loans for buying, renovating, extending and improving homes in rural and semi-urban India through our subsidiary Mahindra Rural Housing Finance Limited

Personal Loans

Offers personal loans typically for weddings, children’s education, medical treatment and working capital

Insurance Broking

Insurance solutions to retail customers as well as corporations through our subsidiary Mahindra Insurance Brokers Limited

Mutual Fund distribution

Advises clients on investing money through AMFI certified professionals under the brand Mahindra Finance Finsmart[9]

Fixed Deposits

The MMFSL Fixed Deposit has a CRISIL rating of 'FAAA', indicating a high level of safety.[10]


Mahindra Insurance Brokers Limited

In FY 2012-13, the insurance broking subsidiary, Mahindra Insurance Brokers Limited (MIBL) crossed the 8,00,000 mark in terms of the policies served. The Company’s total policies, at the end of 2012-13, stood at 8,39,408 for both life and non-life retail business lines. It reached a total of Rs. 600 Crores gross premium. The income increased by 85 per cent from Rs. 46.6 Crores in 2011-12 to Rs. 86.3 Crores in 2012-13. During the year, MIBL entered into a strategic partnership with LeapFrog Investments, world’s largest investor in insurance for the underserved.[11] Through its subsidiary company, Inclusion Resources Private Limited, LeapFrog invested Rs. 80.4 Crores for a 15 per cent shareholding in MIBL.

Mahindra Rural Housing Finance Limited

In FY 2012-13, Mahindra Rural Housing Finance Limited (MRHFL) disbursed loans aggregating to Rs. 432.9 Crores, up from Rs. 266.8 Crores in the previous year. The profit after tax for 2012-13 stood at Rs. 20.3 Crores, against Rs. 11.9 Crores in the previous year. The outstanding loan portfolio, as on 31 March 2013, stood at Rs. 879.5 Crores.[12]

Mahindra Business and Consulting Services Private Limited

Mahindra Finance’s wholly owned subsidiary, Mahindra Business & Consulting Services Private Limited (MBCSPL), provides staffing services primarily to Mahindra Finance. It also serves the subsidiaries (MIBL and MRHFL) and parent company (Mahindra & Mahindra Limited). During the year, MBCSPL deputed 8,098 employees to these companies. The Profit after Tax increased from Rs. 7.1 Lacs in 2011-12 to Rs. 173.8 Lacs in 2012-13.[13]

Social Initiatives

Mahindra Finance has engaged in various social initiatives to provide people with education, healthcare facilities and reduce environmental footprint. Some of the initiatives include:

Lifeline Express

The Lifeline Express is a mobile hospital run on a train with five railway coaches. The coaches are equipped with updated medical and surgical facilities to provide free, on-the-spot diagnosis and treatment. It addresses the medical requirements of inhabitants from India’s remote, rural corners that have scarce medical facilities. About 2,500 patients suffering from disabilities like cleft lip, deafness, polio (for children under 14 years) and cataract are treated on board. Mahindra Finance conducted its first ever solo journey of the Lifeline Express at Puri (Odisha) from 24 September to 14 October 2012.[14]

Mahindra Hariyali

Mahindra Hariyali is the tree plantation model at Mahindra Group. Mahindra Finance partnered with schools, colleges, trusts, Government’s Forest Departments and old age homes to spread our green agenda. They planted around 54,000 saplings across India. To protect the environment, Mahindra Finance undertook various initiatives. By focusing on optimum natural resource usage and reducing Greenhouse Gas emission. Mahindra Finance has controlled consumptions of electricity, water and paper significantly. They have also installed solar panels at various remote branches.[15]

Other Social Initiatives

Mahindra Finance organized Blood Donation camps in 2012-13 and collected 1,085 bottles of blood. This activity was a part of their banner of Employee Social Options (ESOPS) along with various other social projects. They also donated funds to various NGOs thus helping them in their purpose of buying ambulances.[16]

Awards & Recognitions


  1. ^ "Mahindra & Mahindra Financial Services". Money Control. Retrieved 14 August 2013. 
  2. ^ "Mahindra & Mahindra Financial Services Overview". LSE Securities. Retrieved 6 August 2013. 
  3. ^ "You can buy non-banking finance companies stocks this time". NSE BSE Technical Analysis. Retrieved 6 August 2013. 
  4. ^ "Mahindra & Mahindra Financial Services Ltd.". The Economic Times. Retrieved 6 August 2013. 
  5. ^ "About Mahindra & Mahindra Financial Services Ltd l M&MFIN Company History". Edelweiss. Retrieved 6 August 2013. 
  6. ^ "Mahindra & Mahindra Financial Services Ltd.". NDTV Profit. Retrieved 14 August 2013. 
  7. ^ "Company Profile". Reuters. Retrieved 14 August 2013. 
  8. ^ "Mahindra Finance To Venture Into Small Biz Lending". Newswire. Retrieved 6 August 2013. 
  9. ^ "Mahindra Finance to venture into small business lending". The Hindu Business Line. 27 April 2013. Retrieved 6 August 2013. 
  10. ^ "Mahindra Finance FD – High returns of 12.21% p.a. – How far this is true?". My Investment Ideas. Retrieved 6 August 2013. 
  11. ^ "Mahindra & Mahindra Group takes a giant stride with LeapFrog deal". The Economic Times. 21 September 2012. Retrieved 6 August 2013. 
  12. ^ "Company Overview of Mahindra Rural Housing Finance Ltd.". Businessweek. Retrieved 6 August 2013. 
  13. ^ "Company Overview of Mahindra Business & Consulting Services Private Limited". Businessweek. Retrieved 6 August 2013. 
  14. ^ "Mahindra Finance all set to bring Impact India's Lifeline Express to Puri". Orissa Diary. Retrieved 6 August 2013. 
  15. ^ "Mahindra renews its commitment to society". Money Control. Retrieved 6 August 2013. 
  16. ^ "Mahindra & Mahindra Financial Services Ltd.". CSR Identity. Retrieved 14 August 2013. 
  17. ^ "Nasscom Winner". Nasscom. Retrieved 6 August 2013. 
  18. ^ Award Winners.html "Bloomberg Award Winners". World HRD Congress. Retrieved 6 August 2013. 
  19. ^ "Golden Peacock HR Excellence Awards". Golden Peacock. Retrieved 6 August 2013. 
  20. ^ "ABCI Award Winners 2012". ABCI. Retrieved 6 August 2013. 
  21. ^ "Industry Wise Winners - 2012". Great Place to Work. Retrieved 14 August 2013. 
  22. ^ "52nd Annual Award Winners". Association of Business Communicators of India. Retrieved 14 August 2013. 
  23. ^ "Winners". DNB. Retrieved 14 August 2013. 

External links