On Monday, the domestically produced commercial vehicle maker Tata Motors revealed that it has teamed up with South Indian Bank to offer financing options to dealerships and consumers of its commercial vehicles.
The entire line of commercial vehicles from Tata Motors will be eligible for financing from a private bank with its headquarters in Kerala. According to a company representative statement, the partnership aims to assist dealerships, promote expansion, expedite credit processing, and reduce interest rates.
PR Seshadri, MD & CEO of South Indian Bank, said, “Our collaboration with Tata Motors enables us to deliver seamless vehicle financing solutions to commercial vehicle dealers and customers. We are confident that our partnership with Tata Motors will result in best-in-class financing solutions, setting a new industry benchmark for excellence.”
Offering flexible and cheap financing for dealership needs, South Indian Bank, a nationwide provider of financial solutions to dealers, will support dealers’ growth with reasonable interest rates, flexible terms, and expedient processing.
Rajesh Kaul, Vice President and Business Head of Trucks at Tata Motors Commercial Vehicles commented, “Our alliance aims to empower fleet owners and dealerships to achieve their business goals. We look forward to providing greater convenience and support to our valued customers and partners.”
Tata Motors provides a broad range of mass mobility solutions from sub-1-tonne to 55-tonne freight vehicles and 10-seater to 51-seater cars. The business boasts a vast network with more than 2,500 touchpoints. With 955 branches, 3 Ultra Small Branches, 3 Satellite Branches, 1188 ATMs, 133 CRMs, and a representative office in Dubai, United Arab Emirates, South Indian Bank is present throughout India. Tata Motors, a $150 billion company, operates through 88 consolidated subsidiaries, two joint ventures, three joint operations, and numerous equity-accounted associates as of March 31, 2023.
