TVS Motor in pact with HDFC bank for dealer funding

TVS Motor Company has entered into a memorandum of understanding with HDFC Bank for inventory funding for its dealers.

The agreement has features such as online fund transfers, online repayment and real-time viewing of account status.

As part of this arrangement, HDFC will provide funding to over six hundred dealers of TVS Motor Company, across the country. This will enable them to increase their working capital, boost vehicle stocks and, consequently, enhance retail sales, said a release.

This association provides an opportunity for dealers to “strengthen their working capital,” said Mr H. S. Goindi, President-Marketing, TVS Motor Company. “Easy access to funds at attractive interest rates will help in growing their business and in turn offer better retail services to our customers.”

Mr Ashok Khanna, Senior Executive Vice-President–Vehicle Loans, HDFC Bank, said: “This MOU also opens the doors for a new segment of entrepreneurs to experience the services of HDFC.”