Tata Motors signs agreement with Bharatiya Mahila Bank

The tie-up will provide retail finance to its passenger vehicle customers

Auto major Tata Motors today said it has tied up with Bharatiya Mahila Bank to provide retail finance to its passenger vehicle customers.

"With this association, Bharatiya Mahila Bank 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," Tata Motors said in a statement.

Bharatiya Mahila Bank will facilitate eligible customers of Tata Cars and utility vehicles with vehicle financing, at a rate of 10.5% for women customers, across all Bharatiya Mahila Bank branches, in India, it added.

The loan facility will be extended up to seven years, with maximum funding, the company said.

"Through this association, we will be able to leverage the growing network of the bank for providing retail financing to our women customers," Tata Motors, Senior Vice President, Passenger Vehicles Business Unit (Commercial) Ankush Arora said.

Currently, women customers account for 11% of the company's total customers base and through this tie-up Tata Motors will scale-up its reach, he added.

Commenting on the tie-up, Bharatiya Mahila Bank Chairperson and Managing Director, Usha Ananthasubramanian said the association will open new vistas for both, the company and the bank.

Through this association the bank wants to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal to growing customer base, she added.

Bharatiya Mahila Bank currently has twelve branches across the country.

"We further plan to expand in the state capitals and rural areas in a phased manner," Ananthasubramanian said.