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Tata Motors inked an MoU with SBI for Financial Assitance

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Tata Motors signs MOU with SBI for financing light commercial vehiclesOn March 26, 2021, Tata Motors, a commercial vehicle manufacturer has signed a three-year MoU (Memorandum of Understanding) with the State Bank of India(SBI) to offer financial assistance for its commercial vehicle (CV) customers for the purchase of the Tata Motors’ range of small and light commercial vehicles.

Key points:

  • SBI provides easy loan structured schemes with a down payment and equated monthly installment (EMI) to mitigate the cost difference between the BS4(Bharat Stage 4) and the BS6(Bharat Stage 6) vehicles.
  • Tata Motors and SBI will exercise SBI’s Contactless Lending Platform technology to ensure uniformity, transparency and a reduced turnaround time in the loan approval process.
  • TataMotors mentioned the decline in the Sales of commercial vehicles since 2018 due to the union government’s the revised axle norms which enhanced the load-carrying capacity of trucks.

Some of the Axle norms revised in 2018:

  • Road Transport and Highways Ministry has changed the maximum safe axle weight in the vehicle of the single axle with two tyres from 7.5 tonnes to 7 tonnes and
  • Increased the official maximum load-carrying capacity of heavy vehicles, including trucks, by 20-25 %

Bharat stage emission standards (BSES) 

  • These are emission standards instituted by the Government of India to regulate the output of air pollutants.
  • The standards and the timeline for implementation are set by the Central Pollution Control Board under the Ministry of Environment, Forest and Climate Change.

Recent Related News:

On October 17, 2020, TATA (formerly Tata Engineering and Locomotive Company) Motors has collaborated with HDFC (Housing Development Finance Corporation) Bank for the financing of its passenger vehicles. In this regard, Tata Motors introduced two new schemes viz. “Gradual Step Up Scheme” and “TML Flexi Drive Scheme” which will be available till November 2020.

About Tata Motors:

Establishment– 1945
MD&CEO – Guenter Butschek
Headquarters – Mumbai, Maharashtra

About State Bank of India(SBI):

Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Tagline– The Banker to Every Indian
Establishment – 1st July 1955