PNB conducts meeting with IOCL dealers
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Bank officials explain details of PNB Electronic Dealer Scheme
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Bank officials explain details of PNB Electronic Dealer Scheme Punjab National Bank (PNB) on Friday conducted a meeting for petroleum dealers retailing fuel for Indian Oil Corporation Ltd. (IOCL) here.
Bank officials explained the details of its recently launched the PNB Electronic Dealer Scheme (PNB e-Dealer) for IOCL. The scheme aims to provide short-term credit of up to ₹2 crore to authorised, exclusive dealers of the company.
The meeting was chaired by Binod Kumar, zonal manager, Chennai Zone of PNB and Abhishek Sharma, general manager (Retail Sales), IOCL, said a press release from the bank.
PNB signs MOU with IndianOil for E-dealer financing
By IANS |
Published on
Wed, Feb 10 2021 20:51 IST |
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Punjab National Bank s (PNB) Brady House branch. (File Photo: IANS). Image Source: IANS News
New Delhi, Feb 10 : Public sector lender, Punjab National Bank (PNB), on Wednesday signed a Memorandum of Understanding (MoU) with India Oil Corporation Ltd to cater to the financing needs of IndianOil dealers.
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.
The PNB electronic dealer finance scheme is a tailormade credit lending product for IndianOil dealers where loan up to Rs 2 crore with zero margin can be availed. Also, no collateral security will taken from the dealer who is having a dealership with IndianOil of five years or more. Existing proprietorships, partnerships, LLPs, companies, trusts, societies, etc. entity having