Syndicate Bank has signed a Memorandum of Understanding (MOU) with TVS Motor Company Limited (TVSM) for financing of the latter’s three-wheeler. Under the agreement, Syndicate Bank will offer loans at reduced margins to customers aspiring to buy TVS King. The MOU was executed by S Ramji, General Manager, Syndicate Bank and K Srinivasan, Vice President, Sales & Service – Three Wheeler Business, TVS Motor Company, at Syndicate Bank, Corporate Office, Bangalore.
As per the MOU Syndicate Bank will offer finance for purchase of TVS King through all its 2493 branches across the country. Both companies have a wide distribution network in the urban, semi urban and rural areas and will leverage on their wide networks for mutual benefit. This alliance will not only help reach prospective buyers across the country, but also open up new markets and customers, both for Syndicate Bank as well as TVS Motor Company.
While this MOU will help increase the bank’s exposure to micro enterprises, it also acts as a catalyst to promote the option of self-employment.
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