Tata Motors Finance and Bank of India ink co-sourcing deal for CV Financing

The co-sourcing framework will enhance commercial vehicle financing and strengthen the Tata Motors Finance-Bank of India partnership.

New Delhi- Tata Motor Finance Limited., (TMF) and Bank of India have partnered in a strategic co-sourcing agreement to enhancing financing options for commercial vehicle owners and fleet operators across India.

"The co-sourcing partnership will leverage the strengths of both companies to provide a faster, more efficient, and dependable customer experience for last-mile users across all commercial vehicle segments," the company stated.

The MOU signing ceremony was attended by officials, including Mr. Ashok Kumar Pathak, Chief General Manager, Bank of India, and Mr. Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance. Also present were Mr. Anand Bang, COO, Sales & Marketing, TMF; Mr. Paras Jha, Business Head – NCV, TMF, and Mr. Prashant Bharati, Chief Legal Officer, TMF, along with other key stakeholders from both Tata Motors Finance and Bank of India.

Mr. Ashok Kumar Pathak, Chief General Manager, Bank of India, said, "Bank of India is dedicated to supporting diverse sectors of the economy with tailored financial solutions. Our partnership with Tata Motors Finance reflects this commitment as we collaborate to create financing options that meet the unique needs of the Commercial Vehicle industry. By leveraging TMF's vast on-ground network and strong market presence, we are confident in expanding our last-mile reach."

Mr. Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance, said, "Our partnership with Bank of India, a trusted name in Indian banking, aligns with our shared commitment to financial excellence within the Commercial Vehicle ecosystem. Given the capital-intensive nature of the commercial vehicle and logistics sector, this collaboration creates numerous opportunities to efficiently meet the sector's diverse and ongoing funding needs."

The co-sourcing framework is set to channel promising avenues in commercial vehicle financing, further elevating the longstanding relationship between Tata Motors Finance and Bank of India to newer heights.