PNB ties-up with M&M for vehicle finance

NEW DELHI: Punjab National Bank today signed an agreement with automobile manufacturer Mahindra & Mahindra for financing their vehicles across India.

This association will help both the partners to reach out to wider market and make auto loans convenient and easy for prospective car owners, PNB said in a statement.

The bank will offer car loan up to 90 per cent of "on road cost" for tenure ranging up to 7 years at a competitive rate.

This facility will be available at all the branches of the bank and over 250 dealerships of M&M, it said.

On this occasion PNB Chief General Manager, Ranjan Dhawan said the bank's BPLR at 11 per cent is amongst the lowest in the industry and the bank offers entire gamut of retail loans at competitive rates and easy terms.

The bank has set up centralized processing cells for faster processing of retail loans, he said.