Tata Motors ties up with private lenders for commercial vehicles financing

It will enable customers to avail attractive financial schemes from all the partner financiers with minimal formalities, it added.The other private banks include Equitas Small Finance Bank, AU Small Finance Bank, Union Bank of India and Punjab National Bank. It added that some others will cater to small commercial vehicle SCV customers in semi-urban and rural locations, with special offerings dedicated to the customers of pick-up, the Tata Yodha.

PTI | New Delhi | Updated: 18-01-2021 17:30 IST | Created: 18-01-2021 16:08 IST
Tata Motors ties up with private lenders for commercial vehicles financing

Homegrown auto major Tata Motors on Monday said it has entered into partnerships with leading private banks, including HDFC Bank, ICICI Bank and Yes Bank, to fund its commercial vehicles.

The 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 a statement.

The 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. It will enable customers to avail attractive financial schemes from all the partner financiers with minimal formalities, it added.

The other private banks include Equitas Small Finance Bank, AU Small Finance Bank, Union Bank of India and Punjab National Bank. NBFCs such as Cholamandalam Investment and Finance Co Ltd, HDB Financial Services, and Sundaram Finance are also part of the tie-ups.

''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,'' said Tata Motors Vice-President (Sales and Marketing, and Commercial Vehicles Business Unit) Rajesh Kaul.

Tata Motors said its BS-VI offerings have garnered ''an overwhelming response in the market, with the fleet owners appreciating the lowered total cost of ownership of the vehicles''.

It added that 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.

Some of these financing solutions will target large corporate and individual customers with large fleets in the medium and heavy commercial vehicle (M&HCV) space, with attractive offerings in terms of cost and high quality of service, the company said. It added that some others will cater to small commercial vehicle (SCV) customers in semi-urban and rural locations, with special offerings dedicated to the customers of pick-up, the Tata Yodha.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

Moderna is developing booster shot for new coronavirus variants, increases vaccine production target

Moderna Inc said on Wednesday it is working with U.S. government scientists to study an experimental booster shot that targets a concerning new variant of the coronavirus and has raised its global COVID-19 vaccine production goal for this y...

UN: Yemen faces world's worst famine and needs $3.85 billion

Conflict-torn Yemen is falling off a cliff and will face the worst famine the world has seen for decades unless donors, and especially its Gulf neighbours, contribute generously to this years UN humanitarian appeal for 3.85 billion, the UN ...

Frontline workers, BAME groups will not be prioritised for UK vaccines -Guardian

Frontline workers and Black, Asian and minority ethnic groups BAME in the United Kingdom will not be prioritised for COVID-19 vaccination in the next stage of the vaccine rollout, the Guardian reported on Wednesday.The Joint Committee on Va...

Northern Ireland's first minister ups ante in UK-EU trade dispute

Northern Irelands first minister upped the ante on Wednesday in a dispute between the UK and the European Union over trade with the province, calling on Prime Minister Boris Johnson to step up and protect the United Kingdom.Earlier the UK a...

Give Feedback