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Central Bank of India inks MOU with Tata Motors for commercial vehicle finance

23 Feb 2012 Evaluate

Central Bank of India has signed a memorandum of understanding (MOU) with Tata Motors for financing their commercial vehicles in India. Both have inked MOU on February 17, 2012. The bank will provide loan up to 85% to eligible borrowers on merit for a maximum tenure of 5 years at a very competitive rate of interest.

This MOU was signed by GM (MSE) of the bank and Head - Retail Channel Finance and Insurance of Tata Motors. With a huge potential untapped in the rural areas, this MOU will give an opportunity to both the organizations to leverage their products and reach in the hinterland.

Recently, Central Bank of India had slashed interest rates for home loans by 0.25 percent and had waived off the processing fees in order to prop up the sagging home loan market. The bank is offering a blanket waiver of processing fees for loans across amounts and tenors till March 31, 2012.

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