International Cars & Motors Limited Signs MOU with UCO Bank

Chandigarh, November 26, 2013: International Cars & Motors Limited, a group company of Rs.5000 crore Sonalika group, has signed a Memorandum of Understanding (MOU) with UCO Bank, Regional Office in Kolkata.

P.K. Sharma, Deputy General Manager, Independent Charge, ARBD Department on behalf of UCO Bank and Ramesh Ramsinghaney General Manager (MKTG), ICML, signed the MOU on behalf of their respective organizations. The objective of signing MOU is to provide better funding to ICML's Multi Utility Vehicle in the name of “Extreme” customers all over India through the impeccable services of UCO Bank. Besides UCO Bank will fund all upcoming models and variants of ICML which are expected to roll out in the current fiscal.

Commenting on the occasion, Ramesh Ramsinghaney General Manager (MKTG), ICML said, “It would greatly benefit the end customers of ICML as they will have more funds at their disposal to buy ICML products by getting the same financed from UCO Bank . This is our 3rd MOU with in this Financial Year & I am very happy with this new association, this would be an advantageous situation for both UCO Bank and ICML.”

P.K Sharma Deputy General Manager UCO BANK added, “This alliance will benefit the customers through trouble–free and prompt procedures of funding put in place by UCO Bank specially for ICML retail customers for its Multi Utility Vehicle called “Extreme”. With this MOU coming into being, more products of ICML would be available to the customers because they will not have to worry about funding issues”.  It was also informed that UCO Bank has a wide network of 2681 branches across India. Sharma also informed that retail customers will be required to pay just under Rs. 1680 per lac of rupee loan at an interest rate of less than 10.50% per annum.

Ramesh Ramsinghaney, General Manager, ICML informed that the main objective of signing the MoU is to bring synergy in the business development endeavors of both the giants involved in their respective field. Ramsinghaney was hopeful that the tie-up with UCO Bank – a premier PSU Bank will be of a great help to ICML in achieving better market share in MUV segment as also facilitate quicker settling down in the market all its upcoming products, in the Commercial as well as passenger segment, in the near future. The ICML is at a very advanced stage of bringing out range of products. Ramsinghaney was hopeful that this MOU could play a greater role in generating more leads resulting in higher sales figures for ICML.

Uco Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial banks of India. Ghanshyam Das Birla, an eminent Indian industrialist, during the Quit India movement of 1942, had conceived the idea of organising a commercial bank with Indian capital and management, and the United Commercial Bank Limited was incorporated to give shape to that idea. The Bank was started with Kolkata as its Head Office with an issued capital of  2 crores and a paid-up capital of  1 crore.

This is the 3rd MOU signed by International Cars & Motor Limited in this Financial Year. ICML earlier signed an MOU with OBC & IDBI Bank for funding and providing loans to farmers / customers.