Piaggio Vehicles Pvt Ltd (PVPL), the wholly owned Indian subsidiary of the Piaggio Group and a leading manufacturer of small commercial vehicles, has entered into a strategic Memorandum of Understanding with the Lucknow circle of State Bank of India (SBI), India’s largest public sector bank. The partnership is aimed at enabling large-scale youth entrepreneurship across Uttar Pradesh under the state government’s CM Yuva Yojna, a flagship employment generation programme designed to support 1.5 lakh young entrepreneurs.
The agreement brings together Piaggio’s widely adopted three-wheeler portfolio and SBI’s extensive branch network of more than 1,600 locations across central and eastern Uttar Pradesh to deliver structured, accessible vehicle financing solutions. The initiative will cover Piaggio’s full range of passenger and cargo three-wheelers, including internal combustion engine (ICE) and electric vehicle (EV) models, thereby supporting both traditional and clean mobility adoption.
Under the CM Yuva Yojna and associated Mudra financing framework, eligible applicants in the 25–40 age group will be able to access highly concessional financing benefits. These include interest-free loans supported by government subsidy mechanisms, financing coverage of up to 85–90 percent of vehicle cost, repayment tenure of up to four years, waiver of guarantor requirements, and refund of margin money upon successful repayment. The structure is designed to significantly reduce entry barriers for first-time entrepreneurs seeking stable income opportunities in transport and logistics.
As part of the rollout, Piaggio Vehicles will establish dedicated CM Yuva Help Centres across its dealership network in Uttar Pradesh. These centres will provide end-to-end assistance including eligibility guidance, loan facilitation, documentation support, and onboarding into the financing ecosystem through authorized Piaggio touchpoints.
The collaboration is expected to strengthen last-mile mobility infrastructure while directly contributing to employment creation and small business formation across the state. By combining manufacturing capability, financial reach, and government-backed subsidy support, the initiative aims to build a scalable ecosystem for self-employment.
Speaking on the development, Amit Sagar, Executive Vice President – CV Domestic Business & Retail Finance, Piaggio Vehicles Pvt. Ltd., said the collaboration addresses the real financing challenges faced by emerging entrepreneurs and creates a practical pathway to ownership-driven livelihoods. He noted that the programme aligns mobility access with income generation opportunities at the grassroots level. Vibhash Kumar, Deputy General Manager, State Bank of India, highlighted that the partnership strengthens SBI’s commitment to inclusive growth by expanding access to affordable credit for youth-led enterprises across Uttar Pradesh.
Piaggio Vehicles Pvt Ltd is a fully owned subsidiary of the Piaggio Group and began operations in India in 1999 with the launch of the Apé three-wheeler, which quickly became a market success. Over the years, the company has maintained a strong leadership position in the diesel and alternate-fuel three-wheeler segments and now offers products across diesel, petrol, CNG, LPG and electric variants.
With more than three million customers in India and exports to over fifty countries, Piaggio operates a state-of-the-art manufacturing facility in Baramati, Maharashtra, with capacities of over 3,30,000 commercial vehicles and 1,80,000 two-wheelers per year. Its advanced engine plant can produce up to 2,35,000 engines annually. The company employs a workforce of more than 4,000 professionals across engineering, R&D, production, sales, service and marketing.
