Tata Motors Partners with ESAF Small Finance Bank to Offer Attractive Financing for Commercial Vehicles The collaboration aims to make it easier for customers to purchase and finance small commercial vehicles (SCVs) and light commercial vehicles (LCVs)
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Tata Motors, one of India's largest commercial vehicle manufacturers, has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to provide attractive financing solutions to its commercial vehicle customers. The collaboration aims to make it easier for customers to purchase and finance small commercial vehicles (SCVs) and light commercial vehicles (LCVs). In the future, the partnership will expand to cover financing options for the entire Tata Motors commercial vehicle portfolio, as per a media release.
This strategic alliance is expected to benefit a wide range of customers, from small business owners to large logistics companies, as Tata Motors offers an extensive selection of vehicles. The automaker's commercial vehicle range includes sub 1-tonne to 55-tonne cargo vehicles, along with passenger vehicles accommodating between 10 and 51 people. Tata Motors' offerings address a variety of needs, including small commercial vehicles, pickups, trucks, and buses, making them ideal for both logistics and mass mobility sectors.
Vinay Pathak, vice president & business head – SCV&PU, Tata Motors, said, "Our partnership with ESAF Small Finance Bank enhances access to seamless financing solutions for our customers in deeper pockets of the country. It reiterates our commitment to support our customers with tailored and efficient solutions, empowering them to meet their business goals. This collaboration further strengthens our endeavour to boost entrepreneurship and job creation, particularly in first- and last-mile logistics."
Hemant Kumar Tamta, executive vice president, ESAF Small Finance Bank said, "We are excited to partner with Tata Motors, to offer tailored financing solutions to customers. Our shared vision of empowering entrepreneurs aligns perfectly with this partnership. With our extensive network and expertise in financial inclusion, we are confident that this partnership will stimulate significant growth and support the ambitions of commercial vehicle businesses."
With this partnership, ESAF Small Finance Bank will now offer customized financing solutions, enabling customers to avail themselves of flexible loan structures with competitive interest rates. This collaboration aims to simplify the vehicle purchase process, catering to the evolving needs of India's transportation and logistics sectors.
