Tata Motors, the largest commercial vehicle manufacturer of India, signed a two-year Memorandum of Understanding (MoU) with Jammu & Kashmir Bank.
Jammu & Kashmir Bank is the largest commercial vehicle financier in the union territory of Jammu and Kashmir.
The MoU is a collaborative effort to bring attractive and easy financing options to its customers. It will also offer extended loan tenure.
The beneficial offerings, arising out of this partnership, will be applicable across Tata Motors’ commercial vehicle range. The company will offer special Tata Delight points for joint customers of Tata Motors and J&K Bank on the purchase of its heavy, medium and intermediate trucks.
Tata Motors will offer a special vehicle maintenance program for the J&K Bank-financed small commercial vehicles and pick-up trucks.
J&K Bank will provide special Loan-to-Value (LTV) ratios and extended tenure for all vehicle segments with competitive interest rates. The bank has the widest network in the union territory of Jammu and Kashmir, with over 950 branches, across the country.
Commenting on the partnership, Mr. Girish Wagh, ED & President – Commercial Vehicle Business Unit, Tata Motors, said:
“As the market leader in Jammu & Kashmir, we are elated to join forces with the largest bank in the union territory. This partnership, with J&K Bank, will go a great distance in easing the vehicle financing process for our customers. It will also add impetus to the development of the union territory with its wide range of products in the cargo, passenger and construction segments. We will leverage J&K Bank’s rich experience and reach, ensuring seamless availability of financing with our combined efforts. We aspire to continue on this path through our partnership.”
Commenting on the momentous occasion, R K Chhibber Chairman and Managing Director, J&K Bank, said:
“As partnering with big and quality brands remains at the centre of J&K Bank’s strategic planning vis-a-vis customer gratification, we see arrangement with Tata Motors as an opportunity to ensure consistency in availability of wide ranging and quality end-to-end financial solutions to our customers. The MoU will enable customers to a premium go-to-market package – J&K Bank’s highly customised financial solutions blended with varied options of commercial vehicles offered by Tata Motors.”