Tata Motors and Bandhan Bank have signed a Memorandum of Understanding (MoU) for providing financing services to commercial vehicle buyers. As per the MoU, Bandhan Bank will offer convenient financing solutions to customers across the commercial vehicle portfolio of Tata Motors. The customers will benefit from the lender’s wide network across the country as well as its easy repayment plans.
“This partnership reflects our commitment to providing accessible and efficient financial solutions, empowering our customers to achieve their business goals with ease. Together, we look forward to driving greater convenience and support for our valued commercial vehicle customers,” said vice president and business head of trucks at Tata Motors, Rajesh Kaul.
Bandhan Bank’s Head of Consumer Lending and Mortgages, Santosh Nair, said the lender is confident that collaboration with Tata Motors would boost its reach and provide tailored financing options to support the growth of businesses in the commercial vehicle segment.
Bandhan Bank reported a sharp increase of 152% in its net profit at ₹733 crore for the quarter ended December 31, 2023, compared to a net profit of ₹291 crore posted in the same period last year, on account of improvements in the lender’s core income.
Its total income gained 7.6 percent on a year-on-year (YoY) basis to ₹5,210 crore in the December quarter versus ₹4,840.94 crore in the corresponding quarter of the previous fiscal year, while net interest income grew 21.6% to ₹2,530 crore in Q3FY24 from ₹2,080 crore in the year-ago period.
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