Tata Motors has reportedly signed an MoU (Memorandum of Understanding) with Equitas Small Finance Bank Ltd. to provide financial assistance for its small commercial vehicle (SCV) buyers.
The five-year long agreement will aim at creating a strong financing platform for aspiring buyers and will be available at 550+ CV customer touchpoints and 861 Equitas SFB branches. With this partnership, Tata Motors and Equitas SFB will continue their efforts towards reaching out to a wider customer base across the country.
Senior President and Head of Retail Assets at Equitas, Rohit Phadke, quoted that this partnership will allow the bank to connect with financially excluded segments and help them to purchase their first commercial vehicle from Tata Motors.
He further added that Equitas SFB has aspired to uplift the unserved and underserved segment of the society to promote financial inclusion.
Rajesh Kaul, VP of Sales & Marketing at the Commercial Vehicle Business Unit, Tata Motors, stated that the company is thrilled about the partnership with Equitas SFB. The team is looking forward to bringing its extensive range of vehicles to a larger set of customers, with easily available loans and flexible repayment options.
For the uninitiated, SFB is one of the leading small finance banks in India and boasts of an extensive three million customer database. Meanwhile, Tata Motors has always prioritized customer welfare, striving to provide them with profitable value propositions, he added.
Notably, the automobile giant had launched its first four-wheeler mini truck, the Ace, in 2005 in India, which went on to become a huge commercial success. With the exponential development in the e-commerce industry, Tata Intra and Tata Ace have become highly preferred choices for last-mile delivery services.
According to sources, the Intra and Ace range have redefined last-mile transportation with their reliability, comfort, and low-cost ownership.
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