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UBI inks MoU to finance Hindustan Motor’s vehicles

20 Sep 2012 Evaluate

Public sector lender United Bank of India (UBI) has inked a memorandum of understanding (MoU) with Ambassador car-maker Hindustan Motors to finance the buyers of the latter's vehicles. This MoU would facilitate the bank to finance the replacement of over 15-year-old taxis, a segment dominated by Hindustan Motors.

Further the tie up entails collateral-free loan up to Rs 10 lakh and other preferential services exclusively for HM customers from Kolkata-based bank. Recently, United Bank of India trimmed its interest rates payable by 0.75% to 2.75% on medium and small loans above Rs 1 crore with effect from September 10, 2012.

Peers
Company Name CMP
State Bank Of India 960.65
PNB 115.60
Bank Of Baroda 229.45
Canara Bank 119.20
Union Bank Of India 172.75
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