Private sector lender HDFC bank has inked a deal with two wheeler manufacturer TVS Motors whereby the lender would be funding inventory to dealers of TVS.
The two entities have signed a memorandum of understanding (MoU) in this regard.
The bank would be offering funding to 600 dealers all over the country. This would aid them in their working capital requirements, increasing vehicle inventory and thus benefit in the sales process.
"We see this association as a value addition to our customers, as it provides an opportunity for our dealers to strengthen their working capital. Easy access to funds at attractive interest rates will help in growing their business and in turn offer better retail services to our customers," TVS Motor President-Marketing H S Goindi said.
HDFC Bank's Vice President-vehicle loans, Ashok Khanna said, "As one of the leading banks in the country with over 1,588 hub and spoke locations pan-India, signing of this MOU will ensure maximum coverage of all dealers of TVS Motor across the country."