Tata Motors, India’s largest 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 new collaboration will induce employment and stir demand for Tata Motors’ BS6 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.
“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. We remain confident that through our collaboration, we will leverage our common strengths, and continue to serve our customers with dedication and zeal.”~ Mr. Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors
“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.”~ Mr. C. S. Setty, Managing Director, Retail and Digital Banking, State Bank of India
Tata Motors’ diverse small and light commercial vehicle portfolio has been extremely successful in the overall CV ecosystem. This 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 BS4 and the BS6 vehicles for both, down payment as well as the EMI of the vehicle.