Vijaya Bank signs MoU with Tata Motors to finance Commercial vehicles

15 February, Bengalauru

Public lender Vijaya Bank Monday signed Memorandum of Understanding (MoU) with M/s TATA Motors Ltd., for financing commercial vehicles.

The MoU was signed by Govind N Dongre, Gen. Manager, Vijaya Bank and Shri. Sudanshu Verma, National Head, Retail, channel finance & Insurance, TATA Motors ltd, according to a release here.

Speaking on the occasion Y Nageswara Rao, Executive Directorof Vijaya Bank informed that Vijaya Bank is giving lot of thrust toMSME sector by financing Micro and Small entrepreneurs.

The loans sanctioned shall carry an interest rate of 11.20 percent- 11.45 per cent depending on quantum of loan. The loans are repayable in 7 years at monthly rests. The loans can be availed by individuals, Firms, corporates, schools/colleges etc., engaged in transportation of passengers, students, employees, goods etc. Working capital facility is also available to transport operators along with term loan to meet day to day expenses. The loans are also sanctioned under Mudra scheme for entrepreneurs or any other subsidy linked self employment schemes of Govt.departments who want to start their own transport business.

The period of MoU is for a period of two years and renewable thereafter.