BoI signs MoU with TVS Motor Company

Bank of IndiaBank of India (BoI) has informed that it has inked a memorandum of understanding (MoU) with TVS Motor Company.

The MoU has been signed in order to offer finance for customers who wants to purchase TVS Flame SR 125 motorcycle.

Under the terms of agreement, the bank will provide attractive loans to its customers.

Apart from the agreement, the bank has also rolled out special scheme that would coincide with the festival season.

As per the scheme, customers can avail 90% loan for a tenure of up to 5 years at an attractive 8.5% interest rate for TVS Flame SR 125. The scheme is valid up to Oct. 20, 2009.

The sources informed that under the scheme, the customers who will take loan below Rs 30,000 will have to pay processing fees of Rs 500, while for loan amount above Rs 30,000, a processing fee of Rs 700 will be charged.

Shares of the company gained Rs 4.4, or 1.81%, to settle at Rs 247.60. The total volume of shares traded was 142,117 on Bombay Stock Exchange (BSE) (Monday).