Tata Motors, South Indian Bank to collaborate for commercial vehicle loans

29 Apr 2024 , 02:49 PM

Tata Motors announced on Monday that it has partnered with South Indian Bank for providing financing solutions to its commercial vehicle customers and dealerships. As part of the Memorandum of Understanding (MoU), South Indian Bank will provide financing options for the automaker’s whole commercial vehicle portfolio, Tata Motors stated in a statement.

Rajesh Kaul, Vice President & Business Head Trucks at Tata Motors Commercial Vehicles, emphasized that providing convenient access to financing options for commercial vehicles is a top priority for their customers. He stated that their partnership is designed to enable fleet owners and dealerships to reach their business objectives effectively.

Tata Motors sells a wide range of freight vehicles weighing less than one tonne to 55 tonnes, as well as mass transportation options ranging from ten to fifty-one seats.

P R Seshadri, Managing Director & CEO of South Indian Bank, expressed that their partnership with Tata Motors allows them to provide smooth vehicle financing options to both commercial vehicle dealers and customers.

The organisation provides exceptional quality and service commitment through its broad network of 2500+ touchpoints, staffed by certified specialists and supported by easy access to Tata Genuine Parts, according to the statement.

South Indian Bank excels at dealer financing by offering unparalleled financial solutions to dealers around the country. The Bank provides flexible, competitive lending to dealerships by using its broad branch network and in-depth industry knowledge.

At around 2.44 PM, Tata Motors was trading at ₹1,000.40 per piece, against the previous close of ₹999.50 on NSE. The counter touched an intraday high and low of ₹1,005.75, and ₹999, respectively.

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