The Hindu Business Line : OBC inks pact for auto financing

Oriental Bank of Commerce has inked a pact with International Cars & Motors Ltd and International Tractors Ltd for retail financing of multi-utility vehicles and sports utility vehicles.

The bank would also offer credit facilities to dealers of ITL and ICML under Channel Financing Arrangement. The credit facilities would be available at interest rate of 9.75-11.25 per cent per annum on the basis of certain parameters, a release issued by OBC said.

A memorandum of understanding was signed by Oriental Bank of Commerce's Chairman and Managing Director Mr K.N. Prithviraj and ITL's Chairman Mr L.D. Mittal.

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