Federal Bank today tied up with Atul Auto (AAL) for a dealer financing arrangement.
“Federal Bank has entered into a tie-up arrangement with Atul Auto (AAL), a Rajkot-based leading manufacturer of 3-Wheeler commercial and passenger vehicles for a dealer financing arrangement,” it said in a release.
The MoU was signed by Antu Joseph, General Manager (Products), Federal Bank, and J V Adhia, President — Finance, AAL, at a function in Rajkot.
This tie-up is aimed at benefiting all the 200-plus dealers of AAL spread across India, it said.
“Under this arrangement, the bank will finance 100 per cent of the invoice amount with nil margin to registered dealers of AAL for purchases made from the company,” it added.
Federal Bank has dealer financing arrangements in place with leading brands like Tata Motors, Mahindra & Mahindra and Ashok Leyland.
Joseph spoke of digital initiatives of the bank in general and the recently launched FedBook Selfie in particular, through which one can instantly open a savings bank account using his smartphone by taking a selfie and scanning his Aadhaar and PAN card.