Tata Motors partners with Bharatiya Mahila Bank for easy car financing for women customers
Mumbai, March 7, 2014: On the occasion of International Womenâ€™s Day, Tata Motors will enter into an understanding with Bharatiya Mahila Bank, for financing its passenger vehicle customers. Bharatiya Mahila Bank Ltd. (BMB), is the first of its kind in India, formed with a vision to enable economic empowerment for women.
BMB will facilitate eligible customers of Tata Cars & UVs with vehicle financing, at an attractive rate of 10.5% for women customers, across all BMB branches, in India. The loan facility will be extended up to seven years, with maximum funding. The signing of the MOU is taking place on the 08th of March, 2014, International Womenâ€™s Day.
According to Mr. Ankush Arora, Senior Vice President, Passenger Vehicles Business Unit (Commercial), Tata Motors, â€śOn the occasion of Womenâ€™s Day, we are happy to tie-up with BMB. 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% 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.â€ť
Ms. Usha Ananthasubramanian, Chairperson and Managing Director, Bharatiya Mahila Bank said, â€śThe tie-up with Tata Motors will open new vistas for both, the company and the bank. We have twelve branches, one each in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Indore, Bangalore, Guwahati, Chandigarh, Dehradun, Raipur and Lucknow and we further plan to expand in the state capitals and rural areas in a phased manner. 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.”
While the bank will be focusing on the entire pyramid of Indian women, special attention will be given to economically neglected, deprived, discriminated, unbanked, rural and urban women to ensure inclusive and sustainable growth. The Bank with a team of professionals with rich experience and expertise will design and developed new products and services to suit the needs of women of all segments including Self Help Groups, women entrepreneurs, salaried women, HNIs and Corporates.