From official press release :
New Delhi: General Motors India and Punjab National Bank have signed a Memorandum of Understanding (MoU) to provide retail auto financing to all General Motors India. The agreement was signed by Mr. Ankush Arora, Vice President, Sales, Marketing & After Sales, General Motors India and Mrs Sudeshna Sharma, General Manager (Retail), Punjab National Bank.
Speaking on the occasion, Mr Ankush Arora said, “We are extremely pleased to partner with Punjab National Bank which is one the largest public sector bank in the country. Its extensive reach across India will help our customers avail of loan facilities to buy our most sought after products. Low interest rates in addition to low processing charges are some of the many benefits which our customers can enjoy while availing of loan facilities of from PNB for financing of our vehicles.”
As per the MoU, Punjab National Bank will now provide retail financing to customers for purchase of GM India vehicles across the country. GM India in collaboration with Punjab National Bank will promote schemes to offer easy finance options to their customers by leveraging the pan India presence of Punjab National Bank. With a network of over 4,900 branches across the country, Punjab National Bank is one of the largest in India and has been growing rapidly since its inception. Recently, it has been ranked as one of the top ranking banks of international repute.
It may be recalled that GM India had already signed agreements previously with several banks for financing of its vehicles. The financing arrangements with the public sector banks are helping the company in providing auto loans in over 200 cities, where its customers and dealers are located. Gearing up for a major drive to further consolidate its position in the automobile market, General Motors India has ramped up production by adding the second shifts at Halol and Talegaon plants recently to meet the increased demand of its products. The company is also rapidly expanding its sales and service network to support the market demand of its cars. It intends to take the network to 300 sales points and an equal number of authorized service outlets by the end of this year from the current 206 sales points and 200 authorized service outlets across the country.