The affiliate bank of public sector lender Indian Overseas Bank, the Pandayan Grama Bank, has tied up with vehicle manufacturer TVS Motor Company to provide a auto loan scheme for the retail customers of its ‘TVS King' series of autorikhaws. Both the entities signed a memorandum of understanding for the same and exchanged documents to formalize the beginning of their association.
The MoU was signed between the Chairman of Pandyan Grama Bank, Xavier Tilakraj and the Vice President - Sales (3 wheelers) of TVS Motors, K. Srinivasan. On the matter, Srinivasan said, "The initiative would provide retail finance options to customers who wish to purchase TVS King. The MoU is tailor made to provide maximum benefits to customers."
TVS Motors issued a statement on the occasion, which said that the company offers three variants of its ‘TVS King' series - one is LPG, one is CNG and a Petrol variant.
Recently, Pandyan Grama Bank had also taken initiative to expand its presence and opened 17 new branches and several ATMs.