Tata Motors will enter into an agreement with Bharatiya Mahila Bank to provide financing options for customers of its passenger vehicles. The companies will sign a formal agreement on International Women’s Day, which falls on March 8.
With this association, BMB will be one of the preferred retail financiers of Tata Motors’ passenger car business and will be able to help reach out to the growing women customer base of the bank.
BMB will facilitate eligible customers of Tata cars and utility vehicles with vehicle financing at 10.5 per cent for women customers. The financing would be provided from across all BMB branches in India, and the loan facility will be extended up to seven years with maximum funding, it said in a statement.
“Through this association, we will be able to leverage the growing network of the bank for providing retail financing to our women customers. Currently, women customers account for 11 per cent of our total customers base and through this tie-up we will scale-up our reach. We are confident that our growing network will further drive this tie-up and double our reach,” said Ankush Arora, Senior Vice President, Passenger Vehicles Business Unit (Commercial) at Tata Motors.
“The tie-up with Tata Motors will open new vistas for both, the company and the bank. Through this association we want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal to our growing customer base,” said Usha Ananthasubramanian, Chairperson and Managing Director at BMB.
BMB, formed with a vision to enable economic empowerment for women, has 12 branches. The branches are located in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Indore, Bangalore, Guwahati, Chandigarh, Dehradun, Raipur and Lucknow.
The bank is also looking to expand in the state capitals and rural areas in a phased manner, Ananthasubramanian added.