Mumbai, Nov 10: Axis Bank, India’s third-largest private sector bank, today signed an MoU with the Army Insurance Group (AGI) to offer retail mortgage loans to the Indian Army. The bank will offer best-in-class products and services to the defence personnel to cater to their home loan requirements.

The signing ceremony was represented by Major General S Kemparaj VSM,SM, MD- AGIF, Col PP Singh, Director (Loans); Lt Col Vikram Singh from the Indian Army and Axis Bank was represented by Ganesh Sankaran, Group Executive (Wholesale Banking), Sumit Bali, Group Executive and Head – Retail Lending  and Vivek Bimbrahw, Group Head (Govt. Business North).

Through this partnership, the bank will exclusively offer higher loan amountsas well as facility to transfer the balance of their loans from AGIto Axis Bank. As all Army personnel are entitled to draw pension, the borrower can also extend its repayment period beyond their retirement thus enabling them to borrow higher loan.

Speaking on the occasion Sumit Bali, Group Executive and Head – Retail lending, Axis Bank said, “It gives us immense pride to partner with the Army Group Insurance which will enable us to connect with an entire force of 13 Lac troops and offer them best in class retail mortgage loans. This MoU reflects Axis Bank’s continued efforts to meet the financial requirements of the Defence personnel who are selflessly serving the nation.’’

Through this partnership, Axis Bank has reinforced its commitment to address the financial requirements of defence personnel.