Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with India Oil Corporation Ltd to cater to the financing needs of the IndianOil dealers. The MOU would 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 requirements and providing ease of banking services, PNB electronic dealer finance scheme is a tailormade credit lending product crafted for the IndianOil 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 IndianOil of 5 years or more. The Existing Proprietorship, Partnership, LLP, Company, Trust, Society, etc. entity having a valid dealership agreement with IndianOil 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-class eDealer 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.”