Homegrown auto major Tata Motors on Monday said it has entered into partnerships with leading private banks, including HDFC Bank, ICICI Bank and Yes Bank, to fund its commercial vehicles.
The tie-ups aim to enhance value offerings for customers of both new as well as pre-owned vehicles throughout the customer lifecycle, Tata Motors said in a statement.
The offerings arising out of these tie-ups will include ancillary financial provisions such as fuel financing, working capital financing, aggregate financing and service cost financing. It will enable customers to avail attractive financial schemes from all the partner financiers with minimal formalities, it added.
The other private banks include Equitas Small Finance Bank, AU Small Finance Bank, Union Bank of India and Punjab National Bank. NBFCs such as Cholamandalam Investment and Finance Co Ltd, HDB Financial Services, and Sundaram Finance are also part of the tie-ups.
'Our partnership will certainly add value and leverage our common strengths to meet the ever-evolving needs of our customers.
'We are confident of an increased reach in customer categories, product segments and geographies and hope that this will help us serve our customers in an efficient and delightful manner in the future as well,' said Tata Motors Vice-President (Sales and Marketing, and Commercial Vehicles Business Unit) Rajesh Kaul.
Tata Motors said its BS-VI offerings have garnered 'an overwhelming response in the market, with the fleet owners appreciating the lowered total cost of ownership of the vehicles'.
It added that in the wake of such enthusiasm, these financial offerings promise customers easy access to financial schemes from leading banks in the country for the purchase and financing of the vehicles and services.
Some of these financing solutions will target large corporate and individual customers with large fleets in the medium and heavy commercial vehicle (M&HCV) space, with attractive offerings in terms of cost and high quality of service, the company said.
It added that some others will cater to small commercial vehicle (SCV) customers in semi-urban and rural locations, with special offerings dedicated to the customers of pick-up, the Tata Yodha.