Pune: Piaggio Vehicles Pvt Ltd (PVPL), a wholly owned subsidiary of the Piaggio Group and one of India’s leading manufacturers of small commercial vehicles, has entered into a strategic partnership with the State Bank of India (SBI) Lucknow Circle to provide interest-free financing solutions for three-wheelers under the Uttar Pradesh Government’s flagship CM Yuva Yojna.
The collaboration aims to accelerate youth entrepreneurship, employment generation, and affordable access to mobility solutions across Uttar Pradesh.
Through this initiative, Piaggio Vehicles will leverage the benefits of the CM Yuva Yojna, which seeks to create employment opportunities for 1.5 lakh young people by promoting self-reliance, entrepreneurship, and small business ownership.
The Memorandum of Understanding (MoU) was signed between Amit Sagar, Executive Vice President – CV Domestic Business and Retail Finance at Piaggio Vehicles Pvt Ltd, and Vibhash Kumar, Deputy General Manager, State Bank of India.
As part of the agreement, SBI’s extensive network of more than 1,600 branches across Central and Eastern Uttar Pradesh will offer financing solutions for the complete range of Piaggio Vehicles three-wheelers, including both Internal Combustion Engine (ICE) and Electric Vehicle (EV) models.
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Financing Benefits Under CM Yuva Yojna
Under the CM Yuva Yojna and Mudra schemes, eligible youth entrepreneurs between 25 and 40 years of age will receive several financial benefits designed to make vehicle ownership more accessible.
Key benefits include:
- 0% interest loans backed by 100% government subsidy
- Funding support covering 85–90% of vehicle cost
- Four-year repayment tenure
- No guarantor requirement
- Refund of margin money upon successful repayment of the loan
These provisions are expected to significantly reduce financial barriers and help aspiring entrepreneurs establish sustainable livelihoods through self-employment opportunities enabled by Piaggio Vehicles.
Dedicated Help Centres Across Uttar Pradesh
To facilitate easy access to the scheme, Piaggio Vehicles will establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh.
These centres will assist eligible applicants with financing guidance, documentation support, and seamless onboarding into the programme through their nearest Piaggio three-wheeler showroom.
The initiative reflects the company’s continued commitment to strengthening commercial mobility while contributing to socio-economic development across the state.
Partnership to Boost Entrepreneurship and Employment
By combining the trusted three-wheeler portfolio of Piaggio Vehicles with SBI’s financial expertise and extensive reach, the partnership seeks to build a strong ecosystem that promotes entrepreneurship, self-employment, and inclusive economic growth.
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.”
SBI Highlights Focus on Youth-Led Enterprise
Vibhash Kumar, Deputy General Manager, State Bank of India, said: “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 initiative, Piaggio Vehicles further strengthens its position in India’s three-wheeler market by integrating mobility, finance, and entrepreneurship into a single platform.
The partnership is expected to support thousands of aspiring business owners across Uttar Pradesh while contributing to the state’s employment generation and economic development objectives.
