Piaggio Vehicles Pvt. Ltd. (PVPL), a wholly owned subsidiary of the Piaggio Group, has entered into a strategic partnership with the Lucknow Circle of State Bank of India (SBI) to expand access to vehicle financing for aspiring entrepreneurs across Uttar Pradesh.
The collaboration is aligned with the Uttar Pradesh Government’s flagship CM Yuva Yojna, a programme designed to promote self-employment and entrepreneurship while creating livelihood opportunities for nearly 1.5 lakh young individuals across the state.
The Memorandum of Understanding (MoU) was signed by Amit Sagar, Executive Vice President – CV Domestic Business & Retail Finance, Piaggio Vehicles Pvt. Ltd., and Vibhash Kumar, Deputy General Manager, State Bank of India.
As part of the agreement, SBI will leverage its extensive network of more than 1,600 branches across Central and Eastern Uttar Pradesh to facilitate financing for Piaggio’s range of three-wheelers, including both electric and internal combustion engine (ICE) models.
The initiative aims to make commercial vehicle ownership more accessible for first-time entrepreneurs and small business operators seeking to establish sustainable income-generating ventures.
Under the CM Yuva Yojna and Mudra schemes, eligible applicants can avail a range of financial benefits, including interest-free loans supported through government subsidies. Financing support will cover up to 85-90 percent of the vehicle cost, while repayment tenures can extend up to four years.
The scheme also removes the requirement for a guarantor and provides for the refund of margin money upon successful loan repayment, helping reduce the financial burden on beneficiaries.
To further streamline the application process, Piaggio Vehicles will establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh. These centres will assist prospective applicants with documentation, financing guidance, eligibility assessment, and end-to-end support throughout the onboarding process.
The company believes the initiative will help accelerate entrepreneurship adoption while expanding access to reliable commercial mobility solutions for individuals entering the transportation and last-mile mobility sectors.
Commenting on the partnership, Amit Sagar, Executive Vice President – CV Domestic Business & Retail Finance, Piaggio Vehicles Pvt. Ltd., said the initiative reflects the company’s commitment to empowering entrepreneurs through accessible mobility and financing solutions.
“India’s mobility ecosystem is evolving rapidly, creating new opportunities for entrepreneurs and small business owners. Through our partnership with SBI and the support of the Uttar Pradesh Government’s CM Yuva Yojna, we are making vehicle ownership more accessible through interest-free financing, government-backed subsidies, and simplified loan processes.
This initiative goes beyond financing; it is about empowering aspirations, fostering entrepreneurship, and creating meaningful employment opportunities for the youth of Uttar Pradesh. Piaggio India remains committed to driving inclusive economic progress through practical, sustainable, and accessible mobility solutions,” he said.
The partnership further strengthens Piaggio India’s efforts to support inclusive economic development while contributing to employment generation and entrepreneurship growth through affordable commercial vehicle ownership.
