AMW Motors Ltd., India’s third largest heavy commercial vehicle manufacturer, has entered into an agreement with the State Bank of India (SBI) for financing sales of the entire range of AMW medium & heavy commercial vehicles. This tie-up with SBI which has a network of over 13,000 branches across the country will provide a great fillip to AMW sales.
Under the memorandum of understanding (MoU) signed by Mr. A. Ramasubramanian, President, AMW Motors Ltd., and Ms. Saloni Narayan, SME Business Unit – SBI, all the bank branches will offer competitive rates of interest to customers for purchase of any model from the M&HCV range of AMW vehicles. The facility will be available for fully-built vehicles, chassis as well as bodybuilding. The agreement also provides for loan support for registration, taxes and insurance. The existing customers of AMW as well as first-time users (FTUs) can avail of the facility.
Mr. Ramasubramanian said on the occasion: “SBI’s vast urban and rural network will enable truck operators from all over the country to access easy and competitive financing. We will organize joint customer meets with bank officials and work closely with them to ensure that the benefits of this partnership will be made available to all commercial vehicle buyers.”
AMW expects that this agreement with SBI will act as a great incentive for its dealers and sales offices in the country and help continue its aggressive growth plans.