Karnataka Bank Ltd has signed a memorandum of understanding (MoU) with Tata Motors Ltd for financing customers intending to purchase commercial, passenger and goods vehicles manufactured by the latter.
According to a release issued by the bank here on Saturday, Karnataka Bank would provide hassle-free finance on easy terms to customers availing finance under this MoU. The loans will also be available under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) Scheme and no collateral security would be insisted for such loans.
It said that the bank has over 480 branches and Tata Motors has over 3,500 touch points across the country.
Mr Mahabaleshwara M.S., General Manager (Credit-Retail Finance Division) of Karnataka Bank , and Mr Anil Menon, Head of the Department (Retail and Channel Finance), Tata Motors , signed the MoU in Mangalore recently, the release added.