Tata Motors on Friday said it has signed a three-year MoU (Memorandum of Understanding) with the State Bank of India, to offer financial assistance for the purchase of the company's range of small and light commercial vehicles.
The collaboration with State Bank of India (SBI) will allow Tata Motors' commercial vehicle (CV) customers to avail of loans in a hassle-free manner as well as access SBI's unique technology-laden offerings, the company said in a statement.
It will also introduce easy loan structured schemes which will help mitigate the cost difference between the BS-IV and the BS-VI vehicles for both, down payment as well as the EMI of the vehicle, it added.
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.
Commenting on the partnership, Tata Motors President, Commercial Vehicles Business Unit Girish Wagh said with a pan-India reach and more than 22,000 branches, SBI has an extensive network across the country.
"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," he added.
State Bank of India Managing Director, Retail and Digital Banking CS Setty said the bank is looking forward to leveraging this mutually benefitting collaboration and offer some unique financial services to Tata Motors' 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," Setty added.