New Delhi, 11th February
2021.
Nation’s leading public sector bank,
Punjab National Bank (PNB), today signed a Memorandum of Understanding (MoU)
with Indian Oil Corporation Ltd to cater to the financing needs of the Indian Oil
dealers. TheMOUwould benefit dealers
with credit facilities at lower interest rates, Nil margin, and with minimum or
zero collateral requirements through the PNB e-Dealer scheme.
Understanding the financial requirements and
providing ease of banking services, PNB electronic dealer finance scheme is a
tailor made credit lending product crafted for the Indian Oil dealers. The loan
can be availed maximum upto ₹ 2.00 Crore with zero-margin. Also, no collateral
security for the dealer who is having a dealership with Indian Oil of 5 years
or more. The Existing Proprietorship, Partnership, LLP, Company, Trust, Society,
etc. entity having avalid dealership agreement with Indian Oil can avail the
scheme.
Speaking
at the signing ceremony, Mr. 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, with its offering of most diverse and customized bouquet of
products, is looking forward to bringing value to the entire ecosystem of
dealer inventory financing starting with this best-in-classe Dealer Scheme with
Indian Oil. This first of its kind deal will pave way for future specialty
financing products that PNB 2.0 look forward to unveil”