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PNB signs MOU with IndianOil for E-dealer financing
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SME Times News Bureau | 10 Feb, 2021
Public sector lender, Punjab National Bank (PNB), on
Wednesday signed a Memorandum of Understanding (MoU) with India Oil
Corporation Ltd to cater to the financing needs of 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.
The PNB electronic dealer
finance scheme is a tailormade credit lending product for IndianOil
dealers where loan up to Rs 2 crore with zero margin can be availed.
Also, no collateral security will taken from the dealer who is having a
dealership with IndianOil of five years or more. Existing
proprietorships, partnerships, LLPs, companies, trusts, societies, etc.
entity having a valid dealership agreement with IndianOil can avail the
scheme.
At the MoU signing ceremony, 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 is 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."
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