Karur Vysya Bank has inked pact with Ashok Leyland for financing the latter's new medium and heavy commercial vehicles. As per the deal, the bank will finance 85% of the on-road cost of the vehicle at concessional rate of interest and flexible repayment terms. This would be available to educational institutions and transport operators.
Recently, Karur Vysya Bank had signed a memorandum of understanding (MOU) with SBI life Insurance Company for providing GMRA policy cover to the bank's housing loan customers under group insurance. The Bank had also executed a master policy with BSLI for offering the GMRA policy under the group insurance.
Karur Vysya Bank is among 6 old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.
