New Delhi: Tata Motors, India’s largest commercial vehicle manufacturer, on Monday signed a five-year Memorandum of Understanding (MoU) with Equitas SFB, one of the country’s largest small finance banks, to bring financial solutions to its customers. With benefits applicable across the Tata Motors small commercial vehicle (SCV) range, this tie-up aims to facilitate seamless availability of financing for aspiring buyers, the automaker said in a release.
Tata Motors will leverage Equitas SFB’s strong network across the country, spanning 861 branches and 550-plus CV customer touchpoints, to make these solutions accessible for customers. Addressing the rapid growth in the e-commerce industry, the company offers the Tata Ace and Tata Intra vehicles for last-mile transportation.
Rohit Gangadhar Phadke, senior president and head – retail assets, Equitas Small Finance Bank, said, “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.”
According to Rajesh Kaul, vice president, sales and marketing, commercial vehicle business unit, Tata Motors, 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,” he added.