Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) partner with Saraswat Bank to offer customized auto retail financing solutions for customer of ICE and EVs from Tata Motors. In the image, (L-R) leadership from Saraswat Bank and TPEM & TMPV at the agreement signing in Mumbai.Tata Motors' passenger vehicle subsidiaries, TMPV and TPEM, have partnered with Saraswat Bank to offer specialised auto financing for both conventional and electric vehicles. This agreement aims to make Tata vehicles more affordable and accessible to customers through competitive interest rates. The partnership seeks to enhance the overall buying experience by simplifying the process and improving affordability. The memorandum of understanding was signed by senior leadership from both organisations.
What does it indicate?
This collaboration between Tata Motors and Saraswat Bank will provide customers with tailored financing options. It will cover both internal combustion engine (ICE) vehicles and electric vehicles (EVs) across Tata's product range. The goal is to boost sales by making these vehicles more attainable for a wider customer base.
The partnership underscores Tata Motors' focus on customer satisfaction and its commitment to making vehicle ownership easier. The competitive interest rates offered through Saraswat Bank are expected to make financing more manageable. This ultimately increases the appeal of Tata vehicles.
“As a brand focused towards customer centricity, we are always exploring opportunities to enhance convenience and affordability for the consumer. We strongly believe this partnership with Saraswat Bank is a step in the right direction, aimed at offering tailored financing solutions with competitive rates. This association reinforces our commitment to making the purchase of Tata Motors’ ICE and EVs more accessible while delivering a seamless and rewarding experience for our customers,” said Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Vice President of Tata Motors Passenger Vehicles Ltd.
An opportunity to expand its offerings
Saraswat Bank views this partnership as an opportunity to expand its service offerings. It also sees it as a way to contribute to the growing adoption of electric vehicles in India. The bank aims to offer diverse financing choices to its customers.
“We are glad to partner with Tata Motors to offer our customers a range of customised and competitive car financing solutions, aimed to make vehicle purchase easy and flexible. With this tie-up, we hope to provide wider choice options to our customers while also promoting the EV culture in the country,” stated by Gautam Thakur, Chairman of Saraswat Bank.
Tata Motors maintains its leading position in the Indian automobile market through continuous innovation. The company is focused on providing solutions that prioritise safety, intelligent features, and environmental sustainability. Tata Motors offers a diverse range of vehicles, including petrol, diesel, CNG, and electric models. This variety caters to a broad spectrum of consumer preferences and requirements. The company's vehicles are known for their quality, adaptability, and modern design, aligning with the demands of contemporary car buyers.
