The Public sector bank, Oriental Bank of Commerce has tied up with Piaggio vehicles to provide vehicle finance solutions to the latter's customers. Piaggio vehicles Pvt Ltd is engaged in the manufacture of small commercial vehicles.
An agreement of being a preferred financier was signed between the Delhi headquartered bank and the vehicle manufacturer. As per the agreement, customers of Piaggio vehicles can get auto loans from any branch of the bank. OBC has a network of 1, 827 branches across the country.
The memorandum of understanding (MoU) was signed between the Vice President of Piaggio vehicles, Mr. Praveen Nagpal and the General Manager of OBC, Mr. Atul Gautam.
On the matter, Mr. Gautam said that the bank is diversifying its loans portfolio by entering into financing of commercial vehicles. He also said that to attract customers to this segment, it has designed special schemes and is offering competitive interest rates and margins for the customers of Piaggio vehicles.
On the other hand, Mr. Nagpal said that the tie up will benefit both the enterprises. Through this partnership, the company will increase its sales and provide the customers with the facility of finding suitable finances for their vehicles with the bank.