[sbinews] Tata Motors in pact with SBI (The Telegraph)
- From: "Rajendra S. Pai" <rs.pai@xxxxxxxxx>
- To: <sbinews@xxxxxxxxxxxxx>
- Date: Wed, 8 Dec 2004 12:41:08 +0530
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Tata Motors in pact with SBI
(The Telegraph)
OUR SPECIAL CORRESPONDENT
Mumbai, Dec. 7: Tata Motors and State Bank of India (SBI) have inked a pact
under which the bank will be the preferred financier for the automotive
company's commercial vehicles.
As a preferred financier, SBI, with its network of 9000 branches in the
country, will work together with Tata Motors to promote and make available
organised finance facility at competitive interest rates and concessions to
customers, including those in semi-urban and rural areas.
This is the first financing tie-up that Tata Motors has entered into for its
commercial vehicles this year.
SBI will offer financing facilities to customers at identified branches and
select Tata Motors dealer locations in the country.
Customer requests will be processed by SBI. It will evaluate the needs of
the customers and develop appropriate financial packages, including product
structuring, down payment, loan tenure and effective rate of interest.
Shyam Mani, vice-president - sales & marketing, commercial vehicle business,
Tata Motors, said, "Given the increasing trend in vehicle financing, this
tie-up with SBI will help us make available more attractive and competitive
packages for our customers not only in urban but also in semi-urban and
rural markets."
Tata Motors produces more than 150 commercial vehicle models with a range of
light, medium and heavy-duty trucks, buses and tractor-trailers.
Pointing out the huge potential in the truck financing market, industry
analysts said 70-80 per cent of the commercial vehicles purchased are
financed. There are 5-6 players in the market, including non-banking finance
companies (NBFCs) like Sundaram Fina
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