Federal Bank announced on Friday that it has partnered with JCB India to expand its loan portfolio and fund potential buyers of heavy construction equipment.
The private sector lender said it has inked a memorandum of understanding (MOU) with JCB India, a leading manufacturer of earthmoving and construction equipment.
According to a press statement from Federal Bank, this collaboration would increase the financing alternatives for JCB consumers in India.
Under the arrangement, Federal Bank is the preferred finance partner of the construction equipment manufacturer, where JCB's customers can avail loans from the lender at competitive interest rates.
With the government's focus on infrastructure development continuing to remain strong, there will be various opportunities to create synergies between the teams from JCB India and Federal Bank, Deepak Shetty, CEO and Managing Director of JCB India, said.
"Importantly, it will give greater financing options to our customers while purchasing JCB machines both in urban and rural India," he added.
Shyam Srinivasan, Managing Director and CEO of Federal Bank, said the lender has officially become the financing partner for JCB India.
"This partnership would prove to be hugely beneficial to a segment of customers who are looking for easy finance options to take their business forward. We are confident this association will help remove barriers between Bharat and Atmanirbhar Bharat," he added.
