Tata Motors Ltd and Karnataka Bank have come together and inked a MoU to provide vehicle loans to the customers of the bank.
The Kerala based bank issued a statement which said that the bank has formally entered into a tie-up with Tata Motors to give advances to the company's clients on light terms. It also mentioned that at present, the bank has about 500 branches and Tata Motors has about 700 touch points, pan India.
Such loans will also be extended to suitable customers under the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) scheme and no guarantee or security (collateral security) will be asked from them.
The MoU was signed in the bank's head office in Mangalore recently. It was signed between the General Manager (Credit-Retail Finance Division) of Karnataka Bank, Mr. Mr Mahabaleshwara M.S and the Head of Retail, Channel Finance and Insurance of Tata Motors Ltd., Mr. Ramesh Dorairajan.