The Hindu Business Line : Canara Bank, Bajaj MoU for auto finance

In a press release here, the bank said as per the MoU, Canara Bank would offer loans for purchase of Bajaj two-wheelers at 9.5 per cent to its customers across the country.

The bank said its customers can avail loans up to Rs 1 lakh under this scheme for purchase of Bajaj two-wheelers. This new loan scheme is being launched under the bank's existing `Canmobile' scheme, which provides loan for purchase of vehicles to the bank's customers.

For the salaried class customers, under the Bajaj two-wheeler financing scheme, Canara Bank is offering loan up to 90 per cent of the on road cost of the vehicle or 15 months net salary, whichever is less.

For the non-salaried class customers, the bank is offering loan up to 90 per cent of the on road cost of the vehicle or up to 50 per cent of their annual net income, whichever is less.

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