The Kerala Bank on Friday signed a Memorandum of Understanding (MoU) with the Kerala Automobiles Limited (KAL), three-wheeler manufacturer and distributor operating under the Department of Industries, to bring the benefits of its newly launched electric three-wheeler loan to the public. Loans will be provided through Kerala Bank to eligible beneficiaries who are identified in collaboration with local self-government bodies to purchase electric auto rickshaws and electric carts manufactured by KAL for self-employment. The MoU was handed over by bank president Gopi Kottamurikkal and KAL chairperson Pulluvila Stanley at a meeting held at the Kerala Bank head office. The loan is available to persons between the ages of 18 and 60. The maximum loan to be sanctioned will be ₹3 lakh for a period of 5 years.