Tata Motors partners banks, NBFCs for vehicle finance

Tata Motors on Monday said it has entered into partnerships with private banks like HDFC Bank, ICICI Bank, Yes Bank, Equitas Small Finance Bank, AU Small Finance Bank, NBFCs like Cholamandalam Investment and Finance Co Ltd, HDB Financial Services, Sundaram Finance, and the newly merged entities of public sector banks Union Bank and Punjab National Bank. This is in a bid to offer its commercial vehicle customers a wide array of beneficial financial offerings, it said.

These strategic tie-ups aim to enhance value offerings for customers of both new as well as pre-owned vehicles, it said in a statement. Additionally, the company said that the offerings arising out of these tie-ups would include ancillary financial provisions such as fuel financing, working capital financing, aggregate financing and service cost financing.

“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. 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,” said Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicles Business Unit, Tata Motors.

Apart from core vehicle financing, each of these preferred financing partners will enable Tata Motors to cater to the various customer needs, 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, it said.