Tata Motors, one of the leaders in the commercial
vehicles industry, has signed a memorandum of understanding (MOU) with YES Bank
to jointly introduce digital retail finance solutions for the entire range of
cargo and passenger carriers, facilitating easy purchase and to ensure superior
operating economics for the end customers.
Through this partnership, both the companies
will work towards evaluating the financial needs and packages which include
product structuring, down payment and various other schemes. YES Bank will
further leverage the Tata Motors’ E-Guru app allowing it to deliver superior
customer experience with quick approvals across all touch points. The MoU also
enables customers to avail attractive financial schemes with minimal formalities.
Rajesh Kaul, Vice
President -Sales & Marketing, Commercial Vehicles Business Unit, Tata
Motors, said, "This is a welcome partnership between two
agile and tech savvy organisations who use technology as an enabler to add
value and leverage our common strengths to meet the ever changing needs of our
customers. We are confident of increased reach, and help us serve our customers
in an efficient and delightful manner."
Nipun Jain, Group
President-National Head Commercial Retail Assets & MIB, YES Bank, said, "We are proud
to strengthen our partnership with Tata Motors and are delighted to offer their
commercial vehicle dealers and customers enhanced convenience through
technology. The API based integration has been designed to facilitate real time
document processing for credit assessment, enable customers to get an instant
in-principle approval and allow real-time tracking of credit status among other
benefits, further aiding Tata Motor’s market penetration. This integration is
among the industry first in this segment and is a testament of YES BANK’s
commitment to provide best-in-class technology banking solutions to our clients
and helping them achieve their objectives."