SRINAGAR: J&K Bank has renewed its memorandum of understanding (MoU) with Tata Motors Ltd to provide financing support for the automobile manufacturer’s commercial vehicle portfolio across the country.
Under the agreement, J&K Bank will continue as a preferred financier for Tata Motors’ range of commercial vehicles, including heavy, intermediate and light commercial vehicles, small commercial vehicles, buses, pick-ups, tippers and specialised vehicles.
According to the bank, the partnership will operate on a pan-India basis, enabling its branches to work with Tata Motors and its authorised dealers to facilitate vehicle financing for eligible customers.
The arrangement will also allow Tata Motors and its dealer network to undertake promotional activities, generate customer leads and connect prospective buyers with the bank for financing support.
Speaking on the occasion, J&K Bank General Manager (Retail Assets Management) Sanjay Gupta said the renewed partnership would help improve access to financing for transporters, fleet operators, small businesses and entrepreneurs seeking commercial vehicles for their operations.
He said the collaboration would support sectors such as logistics, construction, infrastructure, mining, agriculture and passenger transport, while complementing the bank’s expanding presence beyond Jammu and Kashmir and Ladakh.
Tata Motors Vice-President and Business Head (Small Commercial Vehicles) Pinaki Haldar said the renewed agreement would help customers access financing more easily and improve coordination between the company, its dealers and the bank.
Officials from J&K Bank, Tata Motors and the company’s dealer network attended the MoU signing ceremony.
