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Tata Motors signs MOU with SBI for financing 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.

March 26, 2021 / 07:08 PM IST
Tata Motors

Tata Motors

 
 
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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.