Pune, 01 June: Piaggio Vehicles Pvt Ltd (PVPL), a wholly owned subsidiary of the Italian auto giant Piaggio Group, and India’s leading manufacturer of small commercial vehicles, has signed a Memorandum of Understanding (MoU) with India’s largest public sector bank, State Bank of India (SBI) Lucknow circle. This strategic partnership is designed to leverage the Uttar Pradesh Government’s ambitious CM Yuva Yojna, a flagship initiative aimed at creating employment opportunities for 1.5 lakh youth across the state by fostering entrepreneurship, self-reliance, and small business ownership.
The MoU was signed between Mr. Amit Sagar, Executive Vice President for CV Domestic Business and Retail Finance at PVPL, and Mr. Vibhash Kumar, Deputy General Manager, State Bank of India. Through this collaboration, SBI’s extensive network of over 1,600 branches across central and eastern Uttar Pradesh will offer financing solutions for Piaggio’s trusted full range of three-wheelers, including both Electric Vehicles (EVs) and Internal Combustion Engine (ICE) models.
Under the CM Yuva Yojna and Mudra schemes, eligible youth entrepreneurs aged 25–40 years will benefit from highly attractive financing support including:
- 0% interest loans (Interest Free loan) backed by 100% government subsidy
- Funding of 85–90% of the vehicle cost
- Four-year repayment tenure
- No guarantor requirement
- Refund of margin money upon successful loan repayment
These benefits significantly lower barriers to vehicle ownership and empower aspiring entrepreneurs to establish sustainable livelihoods.
As part of this initiative, Piaggio India will also establish dedicated CM Yuva Help Centers across its dealership network in Uttar Pradesh, enabling interested applicants to access guidance, financing assistance, and seamless onboarding into the programme through their nearest Piaggio 3-wheeler showroom.
This collaboration marks a significant milestone in Piaggio India’s mission to strengthen commercial mobility while supporting socio-economic progress in Uttar Pradesh. By combining Piaggio India’s trusted and versatile three-wheeler portfolio with SBI’s deep financial expertise and unparalleled reach, the partnership aims to create a robust ecosystem for employment generation and inclusive growth.
Speaking on the partnership, Mr. Amit Sagar, Executive Vice President, CV Domestic Business & Retail Finance, Piaggio Vehicles Pvt Ltd, said: “India’s mobility landscape is evolving rapidly. From small entrepreneurs to fleet operators, a new class of owners is emerging, and they need financing that understands their realities. Through this partnership, Piaggio India and State Bank of India are bringing together the strength, trust, and reach of two respected institutions to make vehicle ownership simpler, faster, and more accessible. By leveraging the Uttar Pradesh Government’s CM Yuva Yojna which offers eligible young entrepreneurs 0% interest free financing, government-backed subsidies, and simplified access to business ownership; we are creating meaningful opportunities for self-employment and enterprise development at scale. This initiative goes beyond vehicle financing; it is about enabling aspirations, fostering entrepreneurship, and contributing directly to employment generation for the youth of Uttar Pradesh. Piaggio India remains committed to supporting inclusive economic progress through practical, sustainable, and accessible mobility solutions.”
Mr. Vibhash Kumar, Deputy General Manager, State Bank of India, added: “This collaboration combines SBI’s trusted financial capabilities and extensive network with Piaggio’s established leadership in the three-wheeler segment to create meaningful livelihood opportunities for aspiring entrepreneurs across Uttar Pradesh. Through CM Yuva Yojna, we are committed to supporting youth-led enterprise by making affordable financing widely accessible, thereby strengthening self-employment, last-mile connectivity, and long-term economic development.”
With this partnership, Piaggio Vehicles further reinforces its leadership in India’s three-wheeler market by integrating mobility, finance, and entrepreneurship into a unified platform that empowers the next generation of business owners while contributing to Uttar Pradesh’s employment and development agenda.