JCB India-Union Bank of India ink pact to extend equipment finance

JCB India has inked a pact with for extending equipment finance to the customers of JCB. As per the understanding, the duo will pool their resources together and be associated with each other for mutual benefits. 

The wider reach of the Bank will help both Union Bank of India and JCB to extend the offering to the buyer of JCB machines across the country. 

The Memorandum of Understanding (MoU) was signed at Mumbai by C.M. Minocha, Chief General Manager, MSME, Union Bank of India and Anuj Tomar, Associate Vice President and Head – Retail Finance, JCB India Ltd.

C.M.Minocha, CGM, MSME, Union Bank of India, said  “Equipment financing to our existing and new customers is identified as a ‘niche product for market leadership’ by Union Bank of India. This tie up with JCB India Ltd will help both Customers of JCB and Union Bank of India with offerings under the Equipment Finance Scheme of the Bank.”

Earlier this year, JCB India introduced the industry’s first all-electric excavator in back of the country’s transition towards electric mobility.

Earlier this month, the company also signed a finance agreement with Cholamandalam Investment and Finance Company Limited (Chola), the financial services subsidiary of the Murugappa group, to facilitate easy loan offerings to JCB customers.

JCB India has invested Rs 1,000 crore in Vadodara, Gujarat to establish a dedicated facility for components and critical parts for the company’s global operations. The sixth manufacturing plant was inaugurated in April earlier this year by the then Prime Minister of UK, Boris Johnson and JCB’s chairman, Lord Bamford.