Tata Motors, India’s largest commercial vehicle manufacturer, has signed a five-year Memorandum of Understanding (MoU) with Equitas SFB, one of the country’s largest small finance banks, to bring a set of attractive financial solutions to its customers. With benefits applicable across the Tata Motors small commercial vehicle (SCV) range, this tie-up will aim to facilitate seamless availability of financing for aspiring buyers. Tata Motors will leverage Equitas SFB’s strong network across the country, spanning 861 branches and 550+ CV customer touchpoints, to make these solutions accessible for customers.
Tata Motors SCV range has nurtured self-employment in both urban and rural areas by providing a respectable means of livelihood to nearly 30 lakh Indians. The company pioneered in the SCV segment, with India’s first four-wheel mini-truck, the Ace, in 2005, and has exponentially evolved with vehicles engineered to cater to varied applications. Addressing the rapid growth in the e-commerce industry, the Tata Ace and Tata Intra are the preferred vehicles for last-mile transportation.
Commenting on this partnership, Mr. Rohit Gangadhar Phadke, Senior President & Head – Retail Assets, Equitas Small Finance Bank said “We are happy to be associated with Tata Motors Limited at such an early stage of the Bank’s journey. Through this partnership, Equitas would reach a large set of financially excluded segments to help them buy their first commercial vehicle from Tata Motors Limited. Equitas Small Finance Bank has always believed in uplifting the underserved and unserved segment of the society to drive financial inclusion.”
Commenting on the association, Mr. Rajesh Kaul, Vice President, Sales & Marketing, Commercial Vehicle Business Unit, Tata Motors, said, “We are delighted to partner with Equitas SFB, one of India’s leading small finance banks, to make our extensive range of vehicles available to a larger set of customers, with easy financing and flexible repayment options. With an extensive 3 million customer database and sustained years of expertise in the sector, Equitas SFB will help us extend beneficial offerings to CV customers across the nation. Tata Motors has consistently placed customer welfare at the centre of its endeavours, striving to bring to them profitable value propositions. The Ace and the Intra range have redefined the last-mile transportation, with their comfort, reliability and low cost of ownership. With this partnership, we will join forces with Equitas SFB to continue our dedicated efforts to serve our customers.”
As a market leader in the commercial vehicle space, the company constantly engages with its customers to assess their needs and requirements on the product and services front, as well as from a finance support perspective. Tata Motors continues to invest in customer-oriented endeavours and initiatives to ensure a smooth and a seamless financing experience to its current and potential customers.