State Bank of India will provide financing for both, the passenger vehicles and commercial vehicles range
Tata Motors has signed an agreement with State Bank of India (SBI) for providing channel financing facilities to the Tata Motors dealers. The bank will provide financing for both, the passenger vehicles and commercial vehicles range.
The dealers of Tata Motors will now have access to ready upstream finance from SBI to meet their working capital requirements in addition to their existing retail finance arrangements.
SBI ranks as an important retail financier for Tata Motors today and this tie up is a further step to achieve a holistic value chain support which will help the company achieve its growth aspirations, and improve the Bank's retail penetration. SBI has evolved a new technology platform for achieving benchmark levels of service in inventory funding.
According to SBI, the electronic dealer finance platform will provide best-in-class customer experience to the dealers, thereby effectively partnering Tata Motors in realising the company's growth ambitions.
On Tuesday, Tata Motors ended 0.38% down at Rs1,203.30 on the Bombay Stock Exchange, while SBI declined 0.52% to Rs2,738.55. The benchmark Sensex ended 0.16% up at 19,121.83.