Tata Motors joins hands with Bajaj Finance for commercial vehicle finance

Tata Motors on Tuesday said it has partnered with Bajaj Finance Ltd for offering financing solutions across its entire commercial vehicle portfolio.

The company has signed a memorandum of understanding (MoU) with Bajaj Finance Ltd, part of Bajaj Finserv Ltd, for the same and customers will benefit from the latter's wide reach, competitive interest rates, flexi loan and digitally-enabled loan processing, Tata Motors said in a statement.

"We are confident that their (Bajaj Finance) inaugural venture into commercial vehicle financing will allow them to tap the immense potential that the transportation sector brings in, and this partnership will benefit entrepreneurs across the country," Tata Motors Commercial Vehicles Vice President & Business Head - Trucks, Rajesh Kaul said.

With Bajaj Finance's wide network in rural and urban areas, customers will have easy access to financing solutions as per their requirements, he added.

Bajaj Finance Deputy Managing Director Anup Saha said, "... We aim to make the process of purchasing a commercial vehicle accessible and hassle-free. We are confident that the partnership will empower more commercial vehicle owners with financing solutions."

Tata Motors offers a range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses segments.

On the other hand, Bajaj Finance is a diversified Non-Banking Financial Company (NBFC) in India with presence across lending, deposits and payments, serving over 8.36 crore customers. As of March 31, 2024, its assets under management stood at Rs 3,30,615 crore, the statement said.