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Chennai, June 4

Indian Overseas Bank (IOB) on Thursday signed a memorandum of understanding with TVS Motor Company Ltd for extending loans for purchase of TVS King autorickshaws and commercial three-wheelers. A press release from the bank said the objective of the agreement is to offer hassle-free finance for the buyers of autorickshaws and commercial three-wheelers. Under the scheme, the bank will offer loans without any collateral security and processing fee. The dealers will sponsor th e applications of buyers to IOB branches for further process and sanction of loan as per the bank’s norms. The repayment period is up to five years.

— Our Bureau

More Stories on : Consumer Finance | Two/Three Wheelers | Public Sector Banks

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