Tata Motors, one of India’s leading 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.
The OEM says in addition to inducing employment, the collaboration will also stir demand for Tata Motors’ BS VI 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.
Girish Wagh, president – CVBU, 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.”
C S Setty, MD, 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.”
The OEMs diverse small and light commercial vehicle portfolio has been a popular choice for customers, and the 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 BS IV and the BS VI vehicles for both, down payment as well as the EMI of the vehicle.