* Various private and public sector bank and NBFCs part of the MoU that benefits the customers with minimal formalities
* Offerings include purchase assistance, fuel financing, working capital financing, aggregate financing and service cost financing
* Applicable across Tata Motors’ BS6 range of commercial vehicles
Tata Motors, India’s largest commercial vehicle manufacturer, has entered into partnerships with the country’s leading private banks, including HDFC Bank, ICICI Bank, Yes Bank, Equitas Small Finance Bank, AU Small Finance Bank, and NBFCs like: Cholamandalam Investment and Finance Co Ltd, HDB Financial Services, Sundaram Finance, and newly merged entities of leading public sector banks – Union Bank and Punjab National Bank, in an effort to offer its commercial vehicle customers a wide array of beneficial financial offerings. These strategic tie-ups aim to enhance value offerings for customers of both, new as well as pre-owned vehicles, throughout the customer lifecycle. Additionally, offerings arising out of these tie-ups will include ancillary financial provisions such as fuel financing, working capital financing, aggregate financing and service cost financing to enable customers to avail attractive financial schemes from all the partner financiers with minimal formalities.
The Tata Motors’ range of BS6 vehicles offers improved fuel efficiency and features that ensure additional comfort for the drivers. The Tata Motors BS6 offerings have garnered an overwhelming response in the market, with the fleet owners appreciating the lowered total cost of ownership of the vehicles. In the wake of such enthusiasm, these financial offerings promise customers easy access to financial schemes from leading banks in the country for the purchase and financing of the vehicles and services.
On the occasion, Mr. Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicles Business Unit, Tata Motors said, “Tata Motors has always sought to amplify the ownership experience of customers by providing them with offerings that are both convenient and valuable. We are thrilled to join hands with leading public and private sector banks and NBFCs, who are leaders in their respective spaces and are highly experienced in driving a customer-centric CV financing approach. Our partnership will certainly add value and leverage our common strengths to meet the ever-evolving needs of our customers. We are confident of an increased reach in customer categories, product segments and geographies and hope that this will help us serve our customers in an efficient and delightful manner in the future as well."
Apart from core vehicle financing, each of these preferred financing partners brings a certain set of unique strengths that helps Tata Motors to cater to the various needs of its customers, such as making organised finance available in rural markets, using innovative technology-based solutions to offer vehicle finance and working capital finance, including service cost funding for the CV customers to assist them in yielding more money from their business to meet increasing working capital demands. Moreover, customers will also be offered Fuel Cards – products which help the customers meet fuel expenses with efficiency. Some of these financing solutions will target large corporate customers and individual customers with large fleets in the M&HCV space, with attractive offerings in terms of cost and high quality of service, while some others will cater to SCV customers in semi-urban and rural locations, with special offerings dedicated to the customers of the widely popular and best-in-class pick-up, the Tata Yodha.
About Tata Motors
Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 35 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. Part of the USD 113 billion Tata group, Tata Motors is India’s largest and the only OEM offering extensive range of integrated, smart and e-mobility solutions. It has operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 103 subsidiaries, 10 associate companies, 3 joint ventures and 2 joint operations as on March 31, 2020.
With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, Tata Motors is India’s market leader in commercial vehicles and amongst the top four in the passenger vehicles market. With ‘Connecting Aspirations’ at the core of its brand promise, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, UK, US, Italy and South Korea. Internationally, Tata commercial and passenger vehicles are marketed in countries, spread across Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS, and Russia.