PNB to extend credit facility to IOC dealers, MoU signed

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PNB signs MOU with Indian Oil
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Nation’s leading public sector bank, Punjab National Bank (PNB), today signed a Memorandum of Understanding (MoU) with India Oil Corporation Ltd to cater to the financing needs of the Indian Oil dealers. 

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The MOU would 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 tailormade credit lending product crafted for the IndianOil 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 IndianOil of 5 years or more. The Existing Proprietorship, Partnership, LLP, Company, Trust, Society, etc. entity having a valid dealership agreement with IndianOil can avail the scheme.

Speaking at the signing ceremony, Chief General Manager, MSME Division, PNB Rajeev Puri 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 time. PNB, with its offering of the 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-class eDealer Scheme with Indian Oil”. 

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