VE Commercial Vehicles Ltd., a joint venture between Volvo Group and Eicher Motors, signed a memorandum of understanding (MoU) with J&K Bank to promote and market its commercial vehicles in India. The MoU was signed by Mr. S.K. Bhat, President, J&K Bank, and Mr. G. Sekar, Senior Vice President, Sale and Marketing, VECV.
Announcing the MoU, Mr. Sekar said: “In our quest for deeper engagement with our customers, we are privileged to partner with J&K Bank to market and make accessible organized finance facility to consumers who wish to purchase fuel-efficient Eicher branded trucks and buses.
The bank’s heritage and pan-India reach will match VECV’s philosophy and objective of attempting to reach and help customers across the length and breadth of the country. Commercial vehicle is primarily bought through financial assistance of various banks, and VECV would like to offer this synergy through the extensive distribution network of J&K Bank”.
Finances would be available at competitive interest rates to customers across the country, including semi-urban and rural areas. The bank will evaluate the needs of customers and develop appropriate financing packages, including product structuring down payment, tenure of loan and effective rate of interest on best effort basis. This would be subject to prevailing market conditions and in conformity with the lending norms.
J&K Bank will undertake effective and appropriate promotional activities with respect to its competitive innovative schemes and packages for financing vehicles on an on-going basis.
VECV has already signed agreements with various PSU banks, including the State Bank of India and its various subsidiaries, to enhance its engagement with the customers.