The Private banking arm of IDBI Bank has signed a Memorandum of Understanding (MoU) with Chevrolet Sales India Pvt. Ltd (CSIPL) for providing auto finance to prospective customers of the latter.

Under the arrangement, CSIPL and its dealer network will collaborate with IDBI Bank for the purpose of `retail/wholesale activation' in order to facilitate vehicle business.  

According to an official release, the MoU will facilitate prospective customers of CSIPL with vehicle finance at attractive terms. The loan facility will be extended up to seven years with maximum funding on `on road price' and faster processing.  

Market expert believes that latest tie-up will benefit both partners, one side IDBI Bank in further strengthening its position in the retail loan space, while other side CSIPL in leveraging the retail financing strength and reach of the bank.