Staff Writer
Pune: Piaggio Vehicles Pvt Ltd (PVPL) has partnered with State Bank of India (SBI) to provide financing support for three-wheelers under the Uttar Pradesh government’s CM Yuva Yojna, aimed at promoting youth entrepreneurship and employment generation in the state.
The company said it has signed a memorandum of understanding (MoU) with SBI’s Lucknow Circle to facilitate financing for its range of electric and internal combustion engine (ICE) three-wheelers through the bank’s network of more than 1,600 branches across central and eastern Uttar Pradesh.
The CM Yuva Yojna seeks to create employment opportunities for 1.5 lakh youth in Uttar Pradesh by encouraging self-employment and small business ownership.
Under the scheme, eligible entrepreneurs aged between 25 and 40 years can avail interest-free loans backed by government subsidy, financing covering up to 85-90 per cent of vehicle cost, a repayment tenure of four years and waiver of guarantor requirements, the company said.
Piaggio said it will also set up dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh to assist applicants with financing and enrolment under the programme.
The partnership combines SBI’s financing reach with Piaggio’s portfolio of commercial three-wheelers to improve access to vehicle ownership and support livelihood generation across the state.
Piaggio Vehicles Executive Vice President, CV Domestic Business and Retail Finance, Amit Sagar said the initiative aims to make vehicle ownership more accessible while creating opportunities for self-employment and enterprise development.
SBI Deputy General Manager Vibhash Kumar said the collaboration would help expand affordable financing access for aspiring entrepreneurs and strengthen self-employment opportunities in Uttar Pradesh.
