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. Tata Motors 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, Tata Motors 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.
About Tata Motors
Part of the USD 109 billion Tata group, Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 34 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.
Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, UK, US, Italy and South Korea. With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. The company is pioneering India’s Electric Vehicle (EV) transition and driving the shift towards sustainable mobility solutions by preparing a tailor-made product strategy, leveraging the synergy between the Group companies and playing an active role liasoning with the Government in developing the policy framework.
With operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia, supported by a strong global network of 103 subsidiaries, 9 associate companies, 4 joint ventures and 2 joint operations as on March 31, 2021, Tata Motors’ commercial and passenger vehicles are marketed in countries, spread across Africa, Middle East, South & South East Asia, Australia, South America, Russia and other CIS countries.