Tata Motors signs memorandum of understanding with SBI for financing of light commercial vehicles

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Tata Motors announced on Friday that it has signed a three-year Memorandum of Understanding with the State Bank of India, to provide financial assistance for the purchase of the company’s range of small and light commercial vehicles. business.

The collaboration with the State Bank of India (SBI) will enable Tata Motors’ utility vehicle (CV) customers to benefit from hassle-free loans and access SBI’s unique technology-laden offerings, the company said in a statement.

It will also introduce easy structured loan programs that will help alleviate the cost difference between BS-IV and BS-VI vehicles for both the down payment as well as the EMI of the vehicle, he added.

Both business entities will use SBI’s contactless lending platform technology to ensure consistency, transparency and reduced turnaround time in the loan approval process.

Commenting on the partnership, Chairman of Tata Motors, the commercial vehicle business unit, Girish Wagh, said that with a pan-Indian reach and over 22,000 branches, SBI has an extensive network across the country.

” Through this partnership, we hope to strengthen our reach, especially in rural areas, by supporting employment as well as providing unique and innovative financial support to our clients. We remain confident that through our collaboration, we will build on our common strengths and continue to serve our customers with dedication and zeal, ” he added.

State Bank of India Retail and Digital Banking Managing Director CS Setty said the bank looks forward to leveraging this mutually beneficial collaboration and offering unique financial services to CV customers and dealerships. Tata Motors across India.

“With our innovative contactless lending platform technology, we hope to further amplify the banking experience for customers and strive to extend a 360-degree advantage to retailers,” Setty added.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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