Tata Motors and Indian Bank sign MoU for commercial vehicle financing

The financing options are for Tata Motors' entire commercial vehicle portfolio including ones powered by LNG (Liquefied Natural Gas) as well as electric ones

Tata Motors Ltd has signed a Memorandum of Understanding (MoU) with Indian Bank to offer attractive financing solutions for commercial vehicle customers and authorised dealerships across the country, the automaker announced on Thursday, October 17, 2024.

A Tata Motors logo installed at one of its showroom is pictured in Mumbai on January 27, 2022. (AFP)

The bank will offer customised financial packages with competitive interest rates and streamlined credit processing for Tata Motors’ entire commercial vehicle portfolio, which includes ones powered by LNG (Liquefied Natural Gas) as well as electric ones.

The partnership will also extend to dealer financing.

“Our financial packages will help both customers and dealers achieve their business objectives while enhancing overall financial efficiency," said Ashutosh Choudhury, Executive Director of Indian Bank. "We look forward to working closely with Tata Motors to help their customers achieve their business goals.”

Tata Motors' commercial vehicle portfolio spans from sub-1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater buses.

The company also provides a range of services including its Sampoorna Seva 2.0 initiative for vehicle lifecycle management, Fleet Edge, its fleet management platform for fleet operators, as well as 24/7 support from its nationwide service network.

“We are happy to sign a MoU with Indian Bank, this partnership will help provide easy financing solutions for our customers," said Rajesh Kaul, Vice President & Business Head – Trucks, at Tata Motors. "By streamlining credit access and offering seamless financing options, we aim to strengthen financial ecosystem for our dealer network, helping them scale their business while providing enhanced convenience to our valued customers.”