Automobile manufacturer International Cars & Motors Limited (ICML) has signed a Memorandum of Understanding (MoU) with IDBI Bank for its passenger car business in India. As per the association, customers will now get a chance to avail loans for their new ICML vehicles. The MoU was signed between Aloke Sengupta, Chief General Manager (CGM) of the Personal Banking Group at IDBI Bank Ltd., North and Akshay Sangwan, Chief Executive Officer (CEO), ICML.
Focus of the new association is 'Retail Activation', so that there is greater interaction between the bank and retail business. It will help the ICML group in expanding its business, since customers will now have a chance to purchase the ICML Extreme Multi Utility Vehicle (MUV) through loans. In addition, the new association gives a boost to the existing vehicle financing network in India. Apart from benefiting ICML, the association will also help IDBI establish a bigger place in the vehicle loan segment.
Dealers of ICML, while coordinating with IDBI, will ensure that terms of the loans are attractive for the new customers. Details of scheme modalities would also be worked out by these dealers. Currently, IDBI's auto loan product is young and aims to become one of the leading auto finance products for eligible customers. IDBI has a wide reach in India, operating through 1082 branches across the country.