Industrial development bank of India, better known as IDBI, has signed MoU with Chevrolet Sales India Pvt ltd (CSIPL) to finance their vehicles.

The tie up will help the bank in strengthening its place in retail loan space. CSIPL would be benefited by the banks financing expertise and reach.

According to the agreement, Chevrolet with its dealer network will collaborate with the bank for ‘retail/wholesale activation' in order to facilitate vehicle business.

A release said that the tie up will result in attractive rates for prospective customers. The tenure of the loan facility will be up to seven years, with maximum funding on ‘on road price' and quicker processing.

IDBI bank would offer this facility to customers for cars and multi utility vehicles.

In August this year, IDBI lowered auto loan and deposit rates.