* Tata Motors will leverage SBI’s rural reach through this 3-year Memorandum of Understanding (MoU)
* SBI’s Contactless Lending Platform technology to be deployed to ensure uniformity, transparency and a reduced Turn Around Time (TAT) in the loan approval process
* Applicable across Tata Motors’ small and light commercial vehicles
Tata Motors, India’s largest commercial vehicle manufacturer, has inked a three-year MoU with the State Bank of India (SBI), the country’s leading public sector bank, to offer unique financial assistance for the purchase of Tata Motors’ range of small and light commercial vehicles. In addition to inducing employment, this collaboration will also stir demand for Tata Motors’ BS6 range of vehicles. Through this partnership, the two business entities will exercise SBI’s Contactless Lending Platform technology to ensure uniformity, transparency and a reduced turnaround time in the loan approval process.
On the occasion, Mr. Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors said, “Extending our earnest commitment to bring profitable value propositions to our customers, we are delighted to join hands with the largest bank in the country, the State Bank of India. With a pan-India reach and more than 22,000 branches, SBI has an extensive network across the country, and through this partnership we hope to strengthen our reach, especially in rural areas, aiding employment as well as providing unique and innovative financial assistance to our customers. We remain confident that through our collaboration, we will leverage our common strengths, and continue to serve our customers with dedication and zeal.”
Commenting on this partnership, Mr. C. S. Setty, Managing Director, Retail and Digital Banking, State Bank of India said, “We look forward to leveraging this mutually benefitting collaboration and offer some unique financial services to CV customers and dealers across India. Through our innovative Contactless Lending Platform technology, we hope to further amplify the banking experience of customers and strive to extend a 360-degree benefit to retailers.”
Tata Motors’ diverse small and light commercial vehicle portfolio has been extremely successful in the overall CV ecosystem. This collaboration with SBI will allow Tata Motors’ CV customers to avail loans in a hassle-free manner as well as access SBI’s unique technology-laden offerings. This partnership will introduce easy loan structured schemes which will help mitigate the cost difference between the BS4 and the BS6 vehicles for both, down payment as well as the EMI of the vehicle.
The BS6 range of Tata Motors CVs are engineered on the ‘Power of 6’ philosophy, which offers the best in terms of comfort and convenience, profitability, performance, safety and security and offers a great value to the customers. The robust and reliable vehicles are supported by value-added services like the Sampoorna Seva 2.0, Tata Samarth – Tata Motors’ commitment to commercial vehicle driver welfare, uptime guarantee, customised annual maintenance and fleet management solutions.
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.