General Motors inks pact with OBC to finance its vehicle

CHENNAI: US auto-maker General Motors today inked pact with public-sector lender Oriental Bank of Commerce for financing its vehicles.

GM India Vice-President (Sales and Marketing) Ankush Arora exchanged documents with Oriental Bank of Commerce General Manager A K Tangri in the presence of GM India President and Managing Director Karl Slym, a company release said here.

"(Oriental Bank of Commerce) It's extensive reach will help our customers to get loan facilities to buy our products. Low interest rates and low processing charges are some of the benefits of opting for Oriental Bank of Commerce as the preferred financier for our vehicles", Arora said.

As per the agreement, OBC would provide retail financing to customers for purchase of GM India vehicles across the country. The bank currently has over 1,400 branches across the country, it said.

General Motors as part of consolidating its position in the automobile industry would also appoint more dealers and authorised service outlets in urban, semi-urban areas to widen its network, the release added.