Tata Motors, India’s leading commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with Bajaj Finance Ltd., a subsidiary of Bajaj Finserv Ltd., one of the country’s largest financial services groups. Under this agreement, Bajaj Finance will provide financing solutions for Tata Motors’ entire commercial vehicle portfolio, offering customers competitive interest rates, flexible loan options, and digitally-enabled loan processing.
Mr. Rajesh Kaul, Vice President & Business Head – Trucks, Tata Motors Commercial Vehicles, commented on the partnership, stating, “We are pleased to collaborate with Bajaj Finance, a company that shares our commitment to delivering top-notch customer solutions. This venture into commercial vehicle financing marks a significant opportunity for Bajaj Finance to leverage the potential of the transportation sector. Our partnership aims to benefit entrepreneurs across India, providing easy access to financing solutions tailored to their needs. With Bajaj Finance’s extensive rural and urban network, customers can expect enhanced convenience in accessing financial services.”
Anup Saha, Deputy Managing Director of Bajaj Finance, highlighted the customer-centric approach of the partnership, saying, “At Bajaj Finance, we prioritize customer convenience and aim to enhance their ownership experience through seamless financing solutions. Our collaboration with Tata Motors underscores this commitment. Leveraging India Stack technology, we aim to simplify the commercial vehicle purchase process, making it accessible and hassle-free for customers. We are confident that this partnership will empower more commercial vehicle owners with robust financing options.”
Tata Motors offers a comprehensive range of commercial vehicles, spanning from sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions. This portfolio caters to diverse needs in logistics and mass mobility segments, ensuring superior quality and service through a nationwide network of over 2500 touchpoints. These outlets are staffed by trained specialists and supported by easy access to Tata Genuine Parts.
Bajaj Finance, recognized as one of India’s most diversified Non-Banking Financial Companies (NBFCs), serves over 83.64 million customers across lending, deposits, and payments. As of March 31, 2024, the company’s assets under management totaled ₹3,30,615 crore, reflecting its extensive presence and operational scale in the financial services sector.
