Two-wheeler manufacturer TVS Motor Company has signed a memorandum of understanding with public sector Central Bank of India to offer loans for its three-wheeler TVS King in all 4,000 branches of the bank.
As per the agreement, Central Bank of India would offer 90 per cent funding to TVS King customers, the company said in a statement.
The MoU was signed by TVS Motor Company Vice-President (Three-Wheeler Sales), Mr K. Srinivasan, and Central Bank of India General Manager (Retail), Mr Ram S. Sangapure, in the presence of Central Bank CMD, Mr Mohan V. Tanksale.
“This initiative will provide retail finance options to customers who wish to purchase a (three-wheeler) TVS King. The MoU is tailor-made to provide benefits to customers with longer tenure option of up to seven years at an interest rate of 11.25 per cent with 90 per cent funding,” Mr Srinivasan said.
TVS King is available in all markets across the country in LPG, CNG and petrol variants.
“Customers have easy access to us as we have pan-India presence through a large network of more than 4000 branches.”, Central Bank of India General Manager (Retail Banking), Dr Sangapure said.