23 Oct 2024
New Partnership for Financing Options for LNG and Electric Commercial Vehicles
Tata Motors has teamed up with Indian Bank by signing a Memorandum of Understanding (MoU) to provide customized financing options for commercial vehicles. This partnership aims to offer attractive financial solutions to Tata Motors’ customers and authorized dealerships throughout India.
Indian Bank will provide tailored financial packages with competitive interest rates and simplified credit processing. These solutions will cover Tata Motors’ full range of commercial vehicles, including LNG (Liquefied Natural Gas) and electric vehicles. The collaboration will also focus on enhancing dealer financing opportunities.
Official Statements on Tata Motors and Indian Bank Partnership
Mr. Ashutosh Choudhury, Executive Director of Indian Bank, expressed excitement about the new partnership, stating, “We are pleased to sign this MoU with Tata Motors to offer customized financial solutions for their dealerships and fleet operators. Our financial packages will help customers and dealers achieve their business goals while improving overall financial efficiency. We look forward to collaborating closely with Tata Motors.”
Mr. Rajesh Kaul, Vice President and Business Head of Trucks at Tata Motors, also shared his thoughts on the initiative. He said, “We are delighted to partner with Indian Bank. This MoU will facilitate easy financing options for our customers. By simplifying access to credit and providing seamless financing solutions, we aim to strengthen the financial framework for our dealers, helping them grow their businesses and serve our valued customers better.”
A Diverse Range of Commercial Vehicles
Tata Motors offers a comprehensive lineup of commercial vehicles, ranging from sub-1-tonne models to 55-tonne cargo trucks and 10-seater to 51-seater mass mobility solutions. These vehicles are designed for durability and performance and are supported by value-added services through the Sampoorna Seva 2.0 initiative.
With Fleet Edge—Tata Motors’ connected vehicle platform—operators can manage their fleets more efficiently, increasing vehicle uptime and reducing overall ownership costs. Additionally, Tata Motors provides 24/7 support through India's largest service network, setting new standards in transportation solutions.
About Indian Bank
Established on August 15, 1907, Indian Bank is a leading public sector bank in India, with the government holding 73.84% of its shares as of June 30, 2024. The bank has a strong presence with 5,846 branches, including 1,983 in rural areas and 1,531 in semi-urban regions. Indian Bank was the first public sector bank to install an ATM in Madras in 1989 and now operates 3 overseas branches and 1 International Banking Unit.
As part of its digital transformation under Project WAVE, Indian Bank is redefining customer experiences and optimizing its services. In the first quarter of FY25, the bank achieved impressive growth through digital channels, generating Rs 36,678 crores, alongside a significant increase in mobile banking and credit card users. Additionally, the bank offers end-to-end financing solutions through Supply Chain Finance, helping dealers and vendors meet their working capital needs, especially in the automotive sector.
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