Tata Motors announced that it has partnered with several public and private sector banks and NBFC to offer a wide range of financing offerings to its commercial vehicle customers with minimal paperwork. The automaker said ties would benefit both new and used car customers.
Among the private sector banks that Tata Motors has entered into a partnership with are HDFC Bank, ICICI Bank, Yes Bank, Equitas Small Finance Bank, and AU Small Finance Bank, while public sector banks include Union Bank and Punjab National Bank. The automaker has partnered with NBFC such as Cholamandalam Investment and Finance, HDB Financial Services, and Sundaram Finance.
“These strategic tie-ups aim to enhance value offerings for customers of both, new as well as pre-owned vehicles, throughout the customer lifecycle,” Tata Motors said in an official statement.
The partnerships will result in financial offerings like purchase assistance, fuel financing, working capital financing, aggregate financing, and service cost financing.
“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,” Rajesh Kaul, Vice President, Sales, and Marketing, Commercial Vehicles Business Unit, Tata Motors said.
“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,” he added.
Tata Motors claims its BS6 offerings have received an overwhelming response in the market, and fleet owners estimate the overall low cost of vehicle ownership.
“In the wake of such enthusiasm, these financial offerings promise customers easy access to financial schemes from leading banks in the country for the purchase and financing of the vehicles and services,” Tata Motors said.
According to the automaker, the various financial offerings will target large corporate customers, individual customers with large fleets in M & HCV space, SCV customers in semi-urban and rural locations, and popular Tata Yodha van customers.