Corporation Bank pact with TVS Motors!

Corporation Bank has signed a memorandum of understanding with TVS Motor Company for
financing ‘TVS King’ (passenger auto-rickshaw). A bank release said here on
Friday, that under the agreement, customers will have to pay 15 per cent of the
on-road price to avail themselves of the loan with low interest rate options.
The rate of interest for a three-year loan period would be 11 per cent on a
diminishing balance, and 11.25 per cent for a five-year loan period. T he
processing fee will be 0.5 per cent on the loan amount, the release added.

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I've seen this king. Seems to have gained popularity very quick. The autos in coimbatore do a max speed of 20-25 kph. Some autos even not fit for climbing a fly over. These King autos are pretty fast. This tie-up would further enhance sales.