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Karnataka Vikas Grameena Bank (KVGB), a regional rural bank, has signed an agreement with Tata Motors Co Ltd for financing commercial vehicles manufactured by the latter at Dharwad on Monday.
Quoting Ashok Reddy, Chairman of KVGB, a press release said here the tie-up would make KVGB the preferred financier for commercial vehicles of Tata Motors. Under the agreement, the bank will provide loans of up to 80 per cent of the value of the vehicle to eligible borrowers for a maximum tenure of five years. At present, the bank has more than 6,020 accounts of commercial road transport operators with an outstanding balance of Rs 103 crore, he said.
Vineet Kumar, Regional Head of Tata Motors Ltd, said the company decided to go for an agreement with KVGB with the intention of expanding its business network in rural areas.
R Rama Naik, General Manager of KVGB, and Vineet Kumar signed the agreement in the presence of Reddy, the release added.
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