* The partnership will enable easy commercial vehicle financing at competitive interest rates and extended loan tenure
Tata Motors, India’s largest commercial vehicle manufacturer, has signed a two-year Memorandum of Understanding (MoU) with Jammu & Kashmir Bank, the largest commercial vehicle financier in the union territory of Jammu and Kashmir, in a collaborative effort to bring attractive and easy financing options to its customers.
The beneficial offerings, arising out of this partnership, will be applicable across Tata Motors’ commercial vehicle range. The company will offer special Tata Delight points for joint customers of Tata Motors and J&K Bank on the purchase of its heavy, medium and intermediate trucks. Tata Motors will offer special vehicle maintenance program for the J&K Bank-financed small commercial vehicles and pick-up trucks. J&K Bank will provide special Loan-to-Value (LTV) ratios, and extended tenure for all vehicle segments with competitive interest rates. J&K Bank has the widest network in the union territory of Jammu and Kashmir, with over 950 branches, across the country.
Commenting on the partnership, Mr. Girish Wagh, ED & President – Commercial Vehicle Business Unit, Tata Motors, said, “As the market leader in Jammu & Kashmir, we are elated to join forces with the largest bank in the union territory. This partnership, with J&K Bank, will go a great distance in easing the vehicle financing process for our customers. It will also add impetus to the development of the union territory with Tata Motors’ wide range of products in the cargo, passenger and construction segments. We will leverage J&K Bank’s rich experience and reach, ensuring seamless availability of financing with our combined efforts. We aspire to continue on this path through our partnership.”
Commenting on the momentous occasion, Mr. R K Chhibber Chairman and Managing Director, J&K Bank, said, “As partnering with big and quality brands remains at the centre of J&K Bank's strategic planning vis-a-vis customer gratification, we see arrangement with Tata Motors as an opportunity to ensure consistency in availability of wide ranging and quality end-to-end financial solutions to our customers. The MoU will enable customers to a premium go-to-market package – J&K Bank's highly customised financial solutions blended with varied options of commercial vehicles offered by Tata Motors.”
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.