Public sector lender, Punjab National Bank and Rajkot based automobile manufacturer, Atul Auto Ltd. have entered into an agreement wherein the bank would be providing auto loan to customers for purchase of products of Atul Auto.
The two entities have signed a memorandum of understanding (MoU) in this regard.
The agreement will make PNB the preferred financier of all Atul Auto products which mainly comprises of three wheelers, read an official statement.
In this way the vehicle manufacturer will be able to leverage on the pan India presence of PNB, the second largest public sector lender of the country.
The MoU was signed by Paul Zachariah, vice president, marketing, Atul Auto and B P Sharma, general manager, Punjab National Bank.