TVS Motor Co, the country’s third largest two wheeler manufacturer, has signed a memorandum of understanding (MoU) with HDFC Bank for funding the inventory funding for its dealers across the country at highly attractive interest rates.
As part of this agreement between the two, HDFC bank will be providing fund to over 600 dealers of TVS Motors across the country.
This would enable them to increase their working capital, increase the company’s vehicle stocks and subsequently enhance retail sales, the company said in a statement regarding this. The agreement also has features such as online fund transfers, online repayment, real time viewing of account status, etc and considerably reduce the transaction time.
Regarding this recent tie up, Mr. H S Goindi, President – Marketing of TVS Motor said, “We see this association as a value addition to our customers, as it provides an opportunity for our dealers to strengthen their working capital. Easy access to funds at attractive interest rates will help in growing their business and in turn offer better retail services to our customers.”
From the bank’s side, HDFC Bank’s Vice President-vehicle loans, Mr. Ashok Khanna said, “As one of the leading banks in the country with over 1,588 hub and spoke locations pan-India, signing of this MOU will ensure maximum coverage of all dealers of TVS Motor across the country.”
What do you think will be the impact of this from the customer’s point of view? Leave your thoughts in the form of words below.
Regards,
M.Naren.
Author – BikeAdvice.in
