Indian Bank and Tata Motors sign MoU to finance India’s largest commercial vehicle fleet #IndiaFinance

Indian Bank, on Thursday, formalised a partnership with Tata Motors through a Memorandum of Understanding (MoU) to offer financing solutions for commercial vehicle buyers and authorised dealerships across India.

The public sector bank, under this agreement, aims to provide customised financial packages, including competitive interest rates and streamlined credit processing. These financing options will be available for Tata Motors’ entire range of commercial vehicles, which includes both LNG-powered and electric models.

Ashutosh Choudhury, Executive Director of Indian Bank, in a company statement, said, “We are elated to sign a MoU with Tata Motors to offer tailored financial solutions for their dealerships and fleet operators,” adding that the bank’s financial packages are designed to help both dealers and customers achieve their business objectives efficiently.

Rajesh Kaul, Vice President & Business Head – Trucks at Tata Motors, said, “By streamlining credit access and offering seamless financing options, we aim to strengthen the financial ecosystem for our dealer network, helping them scale their business while providing enhanced convenience to our valued customers.”
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Tata Motors, known for its extensive commercial vehicle portfolio, manufactures a range of vehicles from sub-1-tonne cargo carriers to heavy-duty trucks, as well as mass mobility solutions like buses. The company’s services extend beyond vehicle sales, offering a range of support through its Sampoorna Seva 2.0 initiative, which focuses on comprehensive vehicle lifecycle management.

Additionally, Tata Motors’ connected vehicle platform, Fleet Edge, aimed to help fleet operators increase vehicle uptime and reduce ownership costs. The company claims to provide 24×7 support through its extensive nationwide service network.

Indian Bank, a public sector bank established in 1907, operates 5,846 branches across urban, semi-urban, and rural areas, with 3 digital banking units and branches overseas. In the first quarter of FY25, Indian Bank handled transactions worth ₹36,678 crore through its digital channels.

Tata Motors, a subsidiary of the $165 billion Tata Group, operates in key international markets, including Africa, Southeast Asia, and the Middle East, and maintains 90 consolidated subsidiaries and multiple joint ventures as of March 2024.

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