SML Isuzu Ltd. has signed a memorandum of understanding (MoU) with Federal Bank, underwhich the vehicle manufacturer’s customers will be able to avail of vehicle finance services from any of the 1,020 branches of the bank across India.
The MoU was signed by Mr. V. Nilakantan, Zonal Manager – Marketing, SML Isuzu Ltd., and Mr. Antu Joseph, Dy. General Manager, Federal Bank Ltd., at Ernakulam. The tie-up will enable both SML Isuzu and Federal Bank to leverage the inherent strengths of each other’s vast business networks.
On the occasion, Mr. Antu Joseph said: “FB is expanding its operations in commercial vehicle financing. It has been making attractive offers to its customers, and this arrangement with SML Isuzu will be one of several such initiatives. By virtue of this tie-up, customers of FB will have privileged access to the specialized services of SML Isuzu. FB is coming out with an attractive package of liberal terms both in interest rate and margin norms for purchasers of SML Isuzu vehicles. The convergence of both the organisations will benefit customers a great deal.”
Speaking on the tie-up, Mr. Nilakantan observed: “At SML Isuzu, we always look at options to provide the best schemes to our customers and give them the power of choice. This strategic tie-up is a step in the same direction. Federal Bank offers innovative yet simple products and services supported by state-of-the-art technology at affordable rates to SME, retail and NRI customers. With highly competitive schemes for commercial vehicles with up to 90% on-road funding and facility for repayment in 72 months, we are hopeful of good response from our dealers and customers.”