Tata Motors partners banks and NBFCs to provide financing for commercial vehicles

by Autocar Pro News Desk , 18 Jan 2021

Tata Motors, one of the largest commercial vehicle manufacturer in the country, 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, 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.

The company says these strategic tie-ups will 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.

On the occasion, Rajesh Kaul, VP – 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."

Tata Motors says apart from core vehicle financing, each of the financing partners brings a certain set of unique strengths that helps the company 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.

In addition, 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 pick-up, the Tata Yodha.