Celebrating International Women’s Day, the Tata Motors way, the auto maker today announced the forging of alliance with Bharatiya Mahila Bank, for financing its passenger vehicle customers. Bharatiya Mahila Bank Limited (BMB). This is the first of its kind initiative in India, formed with a vision to enable economic empowerment for women.
With this association, BMB has become one of the preferred retail financiers of Tata Motors’ passenger car business and is going to help reach out to the growing women customer base of the bank, according to a statement issued by the auto maker.
BMB will be facilitating eligible customers of Tata Cars and UVs with vehicle financing, at an attractive rate of 10.5 percent for women customers, across all BMB branches, in India. The loan facility is extended up to seven years, with maximum funding.
Speaking on the occasion, Ankush Arora, Senior Vice President, Passenger Vehicles Business Unit (Commercial), Tata Motors, said: “On the occasion of Women’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”.
Usha Ananthasubramanian, Chairperson and Managing Director, Bharatiya Mahila Bank said: “The 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 has designed 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.
Tata Motors is India’s largest automobile company, with consolidated revenues of Rs 1,88,818 crore ($ 34.7 billion) in 2012-13. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over eight million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top in passenger vehicles. It is also the world’s fifth largest truck manufacturer and fourth largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia, South America, CIS and Russia.
Bharatiya Mahila Bank, the first women’s Bank of India was recently formed on November 19, 2013. The bank is currently present at Mumbai, New Delhi, Bengaluru, Chennai, Kolkata, Guwahati, Lucknow, Ahmedabad, Indore, Chandigarh, Dehradun, Raipur. While making rapid strides, the bank has come out with exclusive products for women. The firm is aiding the women to create assets and empowering them financially. The Bank offers special discount to women entrepreneurs and customers.