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Central Bank of India and Tata Motors have signed a memorandum of understanding (MoU) for financing commercial vehicles manufactured by the latter in the country.
The MoU was signed by Vijai Misra, General Manager, Central Bank of India, and Sudhanshu Verma, Head-Retail Channel Finance and Insurance, Tata Motors Ltd.
Under the MoU, Central Bank of India will provide loan up to 85 per cent of the value of the vehicle to eligible borrowers on merit for a maximum tenure of five years at a “very competitive” rate of interest, the bank said in a statement.
This partnership will help Central Bank of India, which has a network of 4,500 branches, increase its lending to the priority sector and Tata Motors to sell its vehicles with bank financing.
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