PNB and VE Commercial Vehicles sign MoU for commercial vehicle financing
merisarkar news service
New Delhi, November 24, 2010
PNB-VE Vehicles sign MoU
Punjab National Bank signed a Memorandum of Understanding with VE Commercial Vehicles Ltd., wherein Punjab National Bank will extend credit assistance to customers intend to purchase commercial vehicles from VE Commercial Vehicles Ltd.
VECVL's relationship with PNB gets further strengthened through this initiative which seeks to leverage PNB's extensive reach pan India to cater to the financial requirements of customers in transport sector.
Mr. B.P.Sharma, General Manager, PNB and Mr. Rohit Srivastava, General Manager, VE Commercial Vehicles Ltd. signed the MoU.
Mr. B.P. Sharma said that Punjab National Bank has accorded a very high priority to service sector including transport sector. He further stated that with this tie up, customers will be able to submit loan applications even with the dealers and their loan will be sanctioned by the Bank on merits.
Mr. Sharma said, "There shall be no need of the collateral security in case; the loan is covered under Credit Guarantee Scheme of the Credit Guarantee Trust of Micro & Small Enterprises, thus enabling the genuine borrower to avail the loan if he has no collateral to offer as security to the Bank."
On this occasion, Mr. Rohit Srivastava said "Punjab National Bank's wide network of branches throughout the country would be extremely helpful in making the finance available for purchase of trucks and buses even in interior parts of our country and thus contribute to the inclusive growth of the country."
