Karnataka Bank has signed a memorandum of understanding with Tata Motors Ltd to finance vehicles to the bank’s customers.
A press release by the bank said here that it has joined hands with Tata Motors Ltd, Mumbai, for vehicle loans on easy terms to the company's customers.
The loans will also be available under CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) scheme to the eligible customers, and no collateral security or guarantee would be insisted for such loans.
Mr Mahabaleshwara M.S., General Manager (Credit-Retail Finance Division), Karnataka Bank Ltd, and Mr Ramesh Dorairajan, Head-Retail, Channel Finance and Insurance, Tata Motors Ltd, signed an MoU in this regard at bank’s head office in Mangalore recently.
The release said that the bank has over 500 branches and Tata Motors has over 700 touch points across India.