TVS Motors has entered into a Memorandum of Understanding (MoU) with Karnataka Vikas Grameena Bank (KVG Bank), a regional rural bank headquartered in Dharwad, for financing three-wheelers (auto rickshaw).
Pursuant to this MoU, TVS three wheelers could be purchased through the bank’s Janashakti Scheme which aims at meeting the credit needs of entrepreneurs of meager means, by linking repayment of the loan to the small amounts contributed by them on a daily basis to their ‘Daily Deposit’ Scheme.
Karnataka Vikas Grameena Bank, at present, has more than 59,000 small road transport operators accounts with an outstanding balance of Rs 100 crore.
