Tata Motors has inked a three-year MoU with the State Bank of India to offer financial assistance for purchase of its range of small and light commercial vehicles.
In addition to inducing employment, the collaboration will stir demand for Tata Motors’ BS-VI range of vehicles, said a press release.
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, it added.
Mr. Girish Wagh, President, Commercial Vehicles Business Unit, Tata Motors, said, “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.”
Mr. CS Setty, Managing Director, Retail and Digital Banking, State Bank of India, said, “We look forward to leveraging this mutually benefitting collaboration and offer some unique financial services to CV customers and dealers across India.”