Mumbai: IDBI Bank and Chevrolet Sales India Pvt Ltd (CSIPL) have entered into an MoU for providing auto finance to prospective customers of the latter.
As per the scheme modalities, CSIPL and its dealer
network will collaborate with IDBI Bank for the purpose of
`retail/wholesale activation` in order to facilitate vehicle
business, a release said here today.
The MoU will facilitate prospective customers of CSIPL
with vehicle finance at attractive terms. The loan facility
will be extended up to seven years with maximum funding on `on
road price` and faster processing, the release said.
IDBI Bank would extend financing facilities to
customers for CSIPL cars and multi-utility vehicles.
The tie-up will benefit both -- IDBI Bank in further
strengthening its position in the retail loan space and CSIPL
in leveraging the retail financing strength and reach of the
bank, the release said.
IDBI Bank had launched its auto loans in July this