Bangalore: IDBI Bank has signed MoU (Memorandum of understanding) with Chevrolet Sales India (CSIPL) to finance their vehicles. This tie up may help the bank to strengthen its place in retail loan space. CSIPL would be benefited by the banks financing expertise and reach.
As per the agreement, Chevrolet with its dealer network will collaborate with the bank for 'retail/wholesale activation' in order to facilitate vehicle business. The tie up may also bring attractive rates for prospective customers. The tenure of the loan facility will be up to seven years, with maximum funding on 'on road price' and quicker processing. IDBI bank would offer this facility to customers for cars and multi utility vehicles.
In August this year, IDBI lowered auto loan and deposit rates.
