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PNB, IOCL sign 1st of its Kind MoU for providing up to INR 2 Crore Loan to Dealers

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PNB inks deal with Indian Oil to providePunjab National Bank (PNB) has signed a First-of-its-kind Memorandum of Understanding (MoU) with Indian Oil Corporation Ltd (IOCL) for providing up to INR 2 Crore Loan to IndianOil dealers through the PNB e-Dealer scheme (PNB electronic dealer finance scheme).

  • Under the scheme Dealers can avail loan of upto INR 2 Crore at lower interest rates, nil margin and with minimum or Zero Collateral requirements.
  • Collateral Security will not be asked to Individuals who are having dealerships with IndianOil for 5 years or more.

Beneficiaries:

Existing Proprietorships, partnerships, LLP (Limited Liability Partnership) Companies, Trusts or Society entities having dealership agreement with IndianOil can avail the scheme.

India’s MSME sector:

The agreement will be beneficial to the Indian MSME sector as it is gearing up to serve India’s rising demand in the post-pandemic era.

Recent Related News:

i.On December 24, 2020 Punjab National Bank (PNB) introduced PNB e-Credit Card which is a digital imitation of a physical Credit Card.

About Indian Oil Corporation Ltd (IOCL):
Chairman – Shrikant Madhav Vaidya
Headquarters – New Delhi

About Punjab National Bank (PNB):

Managing Director & CEO – S S Mallikarjuna Rao
Headquarters – New Delhi
Established – May 19, 1894
Tagline – The name you can bank upon