New Delhi, 10th February 2021.
Nation’s leading public sector bank, Punjab National Bank (PNB), today signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd to cater to the financing needs of the Indian Oil dealers. TheMOUwould benefit dealers with credit facilities at lower interest rates, Nil margin, and with minimum or zero collateral requirements through the PNB e-Dealer scheme.
Understanding the financial requirementsand providing ease of banking services, PNB electronic dealer finance scheme is a tailormade credit lendingproduct crafted for the Indian Oil dealers. The loan can be availed maximum upto ₹ 2.00 Crore with zero-margin. Also, no collateral security for the dealer who is having a dealership with Indian Oil of 5 years or more. The Existing Proprietorship, Partnership, LLP, Company, Trust, Society, etc. entity having avalid dealership agreement with Indian Oil can avail the scheme.
Speaking at the signing ceremony, Mr. Rajeev Puri, Chief General Manager, MSME Division, Punjab National Bank said, “This MoU is of special significance as Indian MSME sector is gearing up to serve the nation’s growing demand in the post pandemic times. PNB, with its offering of most diverse and customized bouquet of products, is looking forward to bringing value to the entire ecosystem of dealer inventory financing starting with this best-in-classe Dealer Scheme with IndianOil. This first of its kind deal will pave way for future specialty financing products that PNB 2.0 look forward to unveil”