Mumbai, October, 2024: Indian Bank, one of India’s leading public sector banks, has signed a Memorandum of Understanding (MoU) with Tata Motors, India’s largest commercial vehicle manufacturer to offer attractive financing solutions to Tata Motors commercial vehicle customers and authorised dealerships across the country. The bank will offer customised financial packages with competitive interest rates and streamlined credit processing. This partnership will provide tailored financial solutions for Tata Motors’ entire commercial vehicle portfolio including LNG (Liquefied Natural Gas) and electric range of commercial vehicles. Tata Motors and Indian Bank will also significantly scale up their partnership on dealer financing.
Speaking on this announcement, Mr. Ashutosh Choudhury, Executive Director, Indian Bank, said, “We are elated to sign a MoU with Tata Motors to offer tailored financial solutions for their dealerships and fleet operators. Our financial packages will help both customers and dealers achieve their business objectives while enhancing overall financial efficiency. We look forward to working closely with Tata Motors to help their customers achieve their business goals.”
Commenting on the initiative, Mr. Rajesh Kaul, Vice President & Business Head – Trucks, Tata Motors, said, “We are happy to sign a MoU with Indian Bank, this partnership will help provide easy financing solutions for our customers. By streamlining credit access and offering seamless financing options, we aim to strengthen financial ecosystem for our dealer network, helping them scale their business while providing enhanced convenience to our valued customers.”
Tata Motors offers the widest commercial vehicle portfolio spanning from sub-1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions. These robustly engineered commercial vehicles are further complemented by a range of value-added services for comprehensive vehicle lifecycle management, through its Sampoorna Seva 2.0 initiative. With Fleet Edge – Tata Motors’ connected vehicle platform for optimal fleet management, which enables operators to further increase the uptime of its vehicles and reduce the total cost of ownership, and 24×7 support from India’s widest service network, Tata Motors continues to establish new benchmarks in holistic transportation solutions.
Founded on August 15, 1907, Indian Bank is a prominent Public Sector Bank in India, with the Government of India holding 73.84% of its shares (as of 30th June’ 2024). Recognized as the first public sector bank to install an ATM in Madras in 1989, it operates 5,846 branches (including 3 Digital Banking Units) across diverse regions: 1,983 rural, 1,531 semi-urban, 1,173 urban, and 1,159 metros. The Bank also has 3 overseas branches and 1 International Banking Unit (IBU). As part of its digital transformation drive Indian Bank under Project WAVE, is redefining customer experiences and optimizing services. In Q1 FY25, the Bank generated an impressive ₹36,678 crores via digital channels, while also witnessing a sharp surge in mobile banking and credit card users. Under Supply Chain Finance, the Bank provides end-to-end financing solution through Online platform for meeting working capital requirements of Dealers and Vendors. Supply Chain Finance product of the Bank has made strong strides in recent past and on-boarded many leading companies in automobile and other sectors.
