IDBI Bank Ltd and International Cars & Motors Limited (ICML) Sign MoU for Vehicle Loan Financing

IDBI Bank Ltd. and Passenger Car Business Unit of International Cars Motors Limited (ICML) entered into a Memorandum of Understanding (MoU) for providing Auto Finance to prospective customers of ICML. The MoU was signed by Shri Aloke Sengupta, CGM - Personal Banking Group - North, IDBI Bank Ltd. and Shri Akshay Sangwan, CEO, ICML.

As per the scheme modalities, ICML and its dealer network will collaborate with IDBI Bank Ltd. for the purpose of “Retail Activation” in order to facilitate vehicle financing business. The MoU will facilitate prospective customers of ICML to avail vehicle finance from IDBI Bank on attractive terms. The Bank would extend financing facilities to eligible customers for purchasing Multi Utility Vehicle of ICML ‘Extreme’. The tie-up will benefit both, IDBI Bank in further strengthening and diversifying its presence in retail loan space and ICML in leveraging the retail financing strength and reach of the Bank.

IDBI Bank’s Auto Loan product is very competitive and the Bank is taking various initiatives to be a leading player in the segment. The Bank’s loan product provides maximum finance for new vehicles at attractive rates of interest.