Tunwal E-Motors Limited (NSE: TUNWAL) has signed a standard merchant agreement with Bajaj Finance Limited that will allow customers to finance their electric two-wheeler purchases. The agreement was executed on April 10, 2025, according to a regulatory filing submitted to the National Stock Exchange of India.
Under the arrangement, Tunwal becomes an authorized merchant within Bajaj Finance's existing loan facility program, enabling customers to access financing options at Tunwal dealerships. The company noted in its filing that the agreement doesn't affect management or control of the listed entity and creates no additional liabilities.
This type of financing partnership is common in the automotive industry, with most vehicle manufacturers and dealers maintaining similar arrangements with multiple financial institutions.
Tunwal E-Motors, previously known as Tunwal E-Motors Private Limited, is an electric two-wheeler manufacturer with operations in Maharashtra and Rajasthan. The company has facilities including a factory at the State Industrial Development Corporation Ltd. industrial park in Sikar, Rajasthan. Tunwal trades on the National Stock Exchange of India under the symbol TUNWAL and is headquartered in Pune, Maharashtra.
Bajaj Finance Limited is a subsidiary of Bajaj Finserv and ranks among India's prominent non-banking financial companies (NBFCs). The company offers a diverse portfolio of financial services including consumer lending, commercial lending, insurance products, and various investment options. Known for its digital infrastructure and customer service approach, Bajaj Finance has established a significant presence in India's retail financing landscape. The company regularly partners with manufacturers and retailers across various sectors to provide point-of-sale financing solutions.