Indian Overseas Bank (Puducherry region) Deputy General Manager B.Natarjan handing over the keys of autorickshaws to 17 beneficiaries at Cuddalore on Thursday
CUDDALORE:
Indian Overseas Bank has signed a Memorandum of Understanding with TVS Motors and Bajaj Auto Ltd for financing prospective autorickshaw drivers to buy the three-wheelers on easy terms, according to B. Natarajan, Deputy General Manager, IOB, Puducherry regional office. He made this observation at the time of handing over the keys of the newly procured autorickshaws to 17 persons at the Pudupalyam branch of the bank in Cuddalore on Thursday.
The automotive companies would identify the borrowers who have in their possession driving licence and the required badges for running the autorickshaws. Such persons would be financed to the tune of 85 per cent of the cost of the vehicle with an interest bearing of 12 per cent. They would also be asked to open recurring deposit accounts in their names. So far, 19 bank branches in Cuddalore district had financed 350 autorickshaw drivers and 100 in Puducherry. The repayment of such loan was quite prompt and since the keys were handed over to them in the presence of their family members, the drivers would act in a responsible manner and scrupulously observe traffic rules, Mr Natarajan added. Pudupalayam branch manager D. Gunasekaran and Manjakuppam branch manager S. Kesavan were also present.
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