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Mumbai: Private lender Federal Bank on Wednesday said it has signed a memorandum of understanding (MoU), with Schwing Stetter (India) Ltd, a subsidiary of Schwing GMBH, Germany, one of the largest manufacturers of concrete and construction equipment in India.

This MoU will enable both Federal Bank and Schwing Stetter to offer customized financial solutions to their customers, it said. The bank said it will work towards catering to the customers’ needs through commercial equipment loans with easy monthly repayment plans best suited for the customers.

Harsh Dugar, group president and country head (wholesale banking) at Federal Bank said, “In our bank, funding for commercial equipment and construction vehicles is offered through dedicated RMs and wide network of branches. We always try to offer customized solutions to the end user along with attractive commercials combined with better TAT matching the industry standards."

VG Sakthi Kumar, managing director, Schwing Stetter India Pvt Ltd said, “India has emerged as the third largest market for construction equipment globally. Schwing Stetter has in the recent past, expanded the product range that covers the entire spectrum of construction equipment industry. With huge investments taking place through the National Infrastructure pipeline, we hope our association with Federal Bank will help the customers to easily acquire machines built with the best technology, in the state-of-the-art manufacturing facility with futuristic and digitalized solutions for construction industry."

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