Mahindra & Mahindra Financial Services Limited (MMFSL) was incorporated on 1st January, 1991 as 'Maxi Motors Financial Services Limited'. M&M FSL had received Certificate of Commencement of Business on 19th February, 1991. Thereafter, the Company's name was changed from Maxi Motors Financial Services Limited to Mahindra & Mahindra Financial Services Limited on November 3, 1992.
MMFSL is one of the leading Non-Banking Finance Companies (NBFCs) with customers primarily in the rural and semi-urban markets of India. It is part of the Mahindra Group, which is one of the largest business conglomerates in India. The Company is primarily engaged in providing financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles. It provides housing finance, personal loans, financing to small and medium enterprises, insurance broking and mutual fund distribution services. It has a distribution network with 1,365 offices spanning across 27 States and 7 Union Territories as on 31st March 2025.
MMFSL's insurance broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services. Another subsidiary Mahindra Rural Housing Finance Limited (MRHFL) provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country. Mahindra Asset Management Company Private Limited (MAMCPL), a wholly-owned subsidiary of MMFSL, is acting as the Investment Manager of Mahindra Mutual Fund. MMFSL also has a JV in US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.
During the year 1993, the Company had commenced financing of M&M Utility Vehicles as part of its work. M&M FSL had opened its first branch outside Mumbai, at Jaipur in the year 1995. Financing to M&M dealers for purchase of tractors was added to the company's activities in the year 1996. M&M FS