State Bank of India to fund TVS Motor Company Dealers
State Bank of India and TVS Motor Company sign MOU for Inventory Funding
TVS Motor Company has entered into a
Memorandum of Understanding (MOU) with State Bank of India (SBI) for
inventory funding for its dealers at attractive interest rates. As part
of this arrangement, SBI will provide funding to over six hundred
dealers of TVS Motor Company, across the country. This will enable them
to increase their working capital, boost vehicle stocks and consequently
enhance retail sales.
This inventory funding program is being run by the "Supply Chain Finance
Unit" of State Bank of India and has been made available on an
electronic platform for its approved clientele with features such as
online fund transfers, online repayment, real time viewing of account
status etc. This system considerably reduces transaction time between
the bank and its clients.
"This association with SBI, is in line with our overall strategic
business plan towards strengthening the working capital of our dealers.
Their access to such funds at attractive interest rates will help them
in growing their dealership and offer better retail services to the
customer" said President (Marketing), TVS Motor Company, Mr. H S Goindi.
"Through the signing of an MOU with TVS Motor Company, State Bank of
India has made inroads into the two wheeler industry and this is a
realization of yet another accomplishment of our overall strategy to
step up loan disbursals under Supply Chain Fiannce and garner a
significant market share" said Mr. Manas Kumar Nag Chief General Manager
- SME (BU), State Bank of India.
State Bank of India, with 12,345 plus branches in India, is the largest
bank in the country and this MOU will ensure 100% coverage of all
dealers of TVS Motor Company. This MOU opens the doors for a new segment
of entrepreneurs to experience the services of State Bank of India.