Indian Bank Signs MoU With Tata Motors To Offer Commercial Vehicle Financing Solutions

* To offer tailored and easy financial solutions for commercial vehicles, including LNG and electric vehicles

Indian Bank, one of India's leading public sector banks, has signed a Memorandum of Understanding (MoU) with Tata Motors, India's largest commercial vehicle manufacturer to offer attractive financing solutions to Tata Motors commercial vehicle customers and authorised dealerships across the country. The bank will offer customised financial packages with competitive interest rates and streamlined credit processing. This partnership will provide tailored financial solutions for Tata Motors’ entire commercial vehicle portfolio including LNG (Liquefied Natural Gas) and electric range of commercial vehicles. Tata Motors and Indian Bank will also significantly scale up their partnership on dealer financing.

Speaking on this announcement, Mr. Ashutosh Choudhury, Executive Director, Indian Bank, said, "We are elated to sign a MoU with Tata Motors to offer tailored financial solutions for their dealerships and fleet operators. Our financial packages will help both customers and dealers achieve their business objectives while enhancing overall financial efficiency. We look forward to working closely with Tata Motors to help their customers achieve their business goals."

Commenting on the initiative, Mr. Rajesh Kaul, Vice President & Business Head – Trucks, Tata Motors, said, “We are happy to sign a MoU with Indian Bank, this partnership will help provide easy financing solutions for our customers. By streamlining credit access and offering seamless financing options, we aim to strengthen financial ecosystem for our dealer network, helping them scale their business while providing enhanced convenience to our valued customers.”

Tata Motors offers the widest commercial vehicle portfolio spanning from sub-1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions. These robustly engineered commercial vehicles are further complemented by a range of value-added services for comprehensive vehicle lifecycle management, through its Sampoorna Seva 2.0 initiative. With Fleet Edge – Tata Motors’ connected vehicle platform for optimal fleet management, which enables operators to further increase the uptime of its vehicles and reduce the total cost of ownership, and 24x7 support from India’s widest service network, Tata Motors continues to establish new benchmarks in holistic transportation solutions.

Founded on August 15, 1907, Indian Bank is a prominent Public Sector Bank in India, with the Government of India holding 73.84% of its shares (as of 30th June’ 2024). Recognized as the first public sector bank to install an ATM in Madras in 1989, it operates 5,846 branches (including 3 Digital Banking Units) across diverse regions: 1,983 rural, 1,531 semi-urban, 1,173 urban, and 1,159 metros. The Bank also has 3 overseas branches and 1 International Banking Unit (IBU). As part of its digital transformation drive Indian Bank under Project WAVE, is redefining customer experiences and optimizing services. In Q1 FY25, the Bank generated an impressive ?36,678 crores via digital channels, while also witnessing a sharp surge in mobile banking and credit card users. Under Supply Chain Finance, the Bank provides end-to-end financing solution through Online platform for meeting working capital requirements of Dealers and Vendors. Supply Chain Finance product of the Bank has made strong strides in recent past and on-boarded many leading companies in automobile and other sectors.

About Tata Motors

Part of the USD 165 billion Tata group, Tata Motors Limited (BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 44 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups,  trucks, and buses, offering an extensive range of integrated, smart, and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and ranks among the top three in the passenger vehicles market.

Tata Motors strives to bring new products that captivate the imagination of GenNext customers, fuelled by state-of-the-art design and R&D centres located in India, the UK, the US, Italy, and South Korea. By focusing on engineering and tech- enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused on developing pioneering technologies that are both sustainable and suited to the evolving market and customer aspirations. The company is pioneering India's Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by developing a tailored product strategy,

leveraging the synergy between Group companies and playing an active role in liaising with the Government of India in developing the policy framework.

With operations in India, UK, South Korea, Thailand and Indonesia, Tata Motors markets its vehicles in Africa, the Middle East, Latin America, Southeast Asia, and the SAARC countries. As of March 31, 2024, Tata Motors’ operations include 90 consolidated subsidiaries, two joint operations, five joint ventures, and numerous equity-accounted associates, including their subsidiaries, over which the company exercises significant influence.