India Bank has signed a Memorandum of Understanding (MoU) with TVS Motors, a leading vehicle manufacturer in the country. According to the agreement, Indian Bank will be the preferred bank to finance the TVS vehicles.
On the occasion the Chairman of Indian Bank T M Bhasin said "The MoU will help to bring three wheeler drivers into structured banking and enhance Bank's collateral free lending."
The bank will provide this service from all the branches present in the country.
The Vice-President (Sales and Service) Three Wheeler division of Tvs Motors, Srinivasan said "Besides Indian Bank we are having tie-up with other public sector undertaking bank .. But this will highly benefit the borrower as they (Indian Bank) offer them to pay about 15 per cent on the on-road price of the vehicle which is comparatively lower."
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