Collaboration aims to boost youth entrepreneurship, employment generation, and affordable mobility solutions across Uttar Pradesh
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 signed a Memorandum of Understanding (MoU) with the Lucknow Circle of State Bank of India (SBI), the country’s largest public sector bank.
The partnership is aimed at supporting aspiring entrepreneurs across Uttar Pradesh through the state’s flagship CM Yuva Yojna, which seeks to generate employment opportunities for 1.5 lakh youth by promoting self-employment and small business ownership.
The 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.
Under the partnership, SBI’s extensive network of over 1,600 branches across Central and Eastern Uttar Pradesh will facilitate financing solutions for Piaggio’s comprehensive portfolio of three-wheelers, including both electric and internal combustion engine (ICE) models.
Eligible beneficiaries under the CM Yuva Yojna and Mudra schemes will receive several financing advantages, including:
• Interest-free loans supported by 100% government subsidy
• Financing covering up to 85-90% of vehicle cost
• Repayment tenure of up to four years
• No guarantor requirement
• Refund of margin money upon successful loan repayment
These benefits are designed to significantly reduce entry barriers for aspiring entrepreneurs and enable sustainable income generation through commercial mobility.
To further simplify access to the scheme, Piaggio India will establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh. These centres will assist applicants with financing guidance, documentation support, and seamless onboarding into the programme.
The collaboration reinforces Piaggio India’s commitment to enabling inclusive growth through accessible mobility solutions while contributing to employment generation and entrepreneurship development in the state.
Commenting on the partnership, Amit Sagar, Executive Vice President- CV Domestic Business & Retail Finance, Piaggio Vehicles Pvt. Ltd., said:
“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.”
