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Tata Motors signs MoU with State Bank of India to finance light commercial vehicles

In their latest statement made on March 26, 2021, Tata Motors has disclosed the signing of three years of Memorandum of Understanding with the State Bank of India to take on the initiatives of offering financial assistance for the purchase of light commercial vehicles produced by the company. As a result of this collaboration between SBI and Tata Motors, the commercial vehicle purchasers can avail the loans in a convenient and hassle-free manner. Further, in their official statement, the company has also expressed that the collaboration will allow the company to have access to the unique technology of SBI with laden offerings.

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The company thus will strive for introducing easy, structured schemes for a loan which will help in mitigating the difference of cost between the BS-IV & BS-VI vehicles to ensure smoothness in the process of paying both – the EMI of the vehicle as well the down payments required to be made for the purchase of the vehicle. Not only this, but the two companies will also exercise the usage of the SBI’s Contactless Lending Platform technology which help in ensuring uniformity and transparency in the process of loan approval along with ensuring the reduction in the turnaround time.

The President of Tata Motors Commercial Vehicle Business Unit, Girish Wagh, has said in his statement that with the pan- India coverage with over 22,000 branches all across the country, SBI has extensive network access all over the country. Expressing confidence and optimism with this deal, he further added that the MOU would pave for the development of several employment opportunities along with providing much needed financial assistance to the customers. He further expressed that the deal will allow the company to leverage the common strengths of both the companies to thus serve the customers with zeal and dedication in a continued spirit.

Speaking on this collaboration, CS Setty, the Managing Director of State Bank of India, Retail and Digital Banking, said that the bank is looking forward to mutually benefit from this collaboration to hence offering unique financial services to the customers of Commercial Vehicles of Tata Motors and its dealers all over the country. She further added that the bank hopes of amplifying the experience of banking of the consumers along with extending the 360-degree benefits to the retailers.

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