CO:PRO:2014:04:PRESS: 2 11th April, 2014
PRESS RELEASE Central Bank of India & Tata Motors Ltd. signs MOU for commercial vehicle finance
Central Bank of India and Tata Motors Ltd signed The MOU for financing of commercial vehicles in India.
This MOU was signed by Mr. Vijai Misra , GM (MSME) Central Bank of India and Mr. Sudhanshu Verma. Head -
Retail Channel Finance and Insurance Tata Motors Ltd. (CVBU).
Central Bank of India with their 4500 Branches will increase their lending to priority sector and provide collateral free loan to Micro and Small enterprises to create a strong force which would provide an encouraging platform for prospective customers of both organisations i.e. to avail Bank's services for financing Tata Motors' products. With a huge potential untapped in the rural areas, this will give an opportunity to both the organizations to leverage their products and reach in the hinterland.
Central Bank will provide loan up to 85% to eligible borrowers on merit for a maximum tenure of 5 Years at a very competive rate of interest.
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