JCB Joins Hands With Union Bank of India For Product Financing

Renowned and acclaimed finance and banking firm, Union Bank of India announce that it has joined hands with JCB India Ltd (JCB) to provide equipment finance to customers of JCB. Under this newly formed partnership, JCB and Union Bank of India have mutually agreed to combine their resources for attaining maximum benefits. 

Further, it is believed that the banking network and reach of the Union Bank of India will benefit JCB India and the bank itself by offering customers of JCB with best financial support and offers. JCB India, the largest manufacturer of mechanical equipment for construction will be providing its top-class machinery, for helping its customers attain maximum profitability as well.  

The Memorandum of Understanding (MoU) signed in Mumbai by Shri C.M. Minocha, Chief General Manager, MSME, Union Bank of India and Shri Anuj Tomar, Associate Vice President and Head- Retail Finance, JCB India Ltd. is the beginning of a wonderful mutually agreed partnership for benefitting their customers. 

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Speaking on the occasion, Shri 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 best-in-class offerings under the Equipment Finance Scheme of the Bank.

Earlier this year, JCB India introduced an electric excavator which is deemed the industry’s first all-electric construction equipment. This comes in at a time when the entire automobile and construction/agricultural equipment manufacturers are shifting their focus towards the electrification of the fleet. 

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Furthermore, the brand had also signed an agreement earlier this month with Cholamandalam Investment and Finance Company Limited, a finance wing of the Murugappa group to offer their customers hassle-free loan services.

As for the brand, JCB India has already invested around Rs.1,000 crore in their facility at Vadodara, Gujarat for manufacturing components for the brand’s operation worldwide. Also, their sixth equipment manufacturing plant also got inaugurated back in April 2022 by ex-Prime Minister of UK, Mr.Boris Johnson and chairman of JCB, Lord Bamford.

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