In a major step towards promoting electric mobility, Kerala Bank has signed a Memorandum of Understanding (MoU) with Kerala Automobiles Limited (KAL), a leading three-wheeler manufacturer operating under the Department of Industries, Government of Kerala. The agreement aims to make Kerala Bank’s newly introduced electric three-wheeler loan accessible to the public.
As per the MoU, eligible beneficiaries identified in collaboration with local self-government institutions will be provided loans through Kerala Bank to purchase electric auto rickshaws and electric carts manufactured by KAL, thereby facilitating self-employment opportunities.
The signing ceremony was held today at Kerala Bank’s Head Office, where Bank President Gopi Kottamurickal and KAL Chairman Pulluvila Stanley exchanged the agreement.
The scheme is open to men and women aged between 18 and 60 years. Under the plan, a maximum loan amount of up to Rs 3 lakh will be provided, with a repayment tenure of up to five years.
The event was attended by Kerala Bank Vice Chairman M.K. Kannan, Board of Management Chairman V. Ravindran, board members, Bank Executive Officer Jorty M. Chacko, KAL Managing Director Rajeev V.S., Kerala Bank and others.