Tata Motors Finance and Bank of India collaborated to boost last-mile vehicle financing

New Delhi: Tata Motors Finance (TMF) and Bank of India, on Monday, entered into a co-sourcing agreement to offer enhanced financing options for commercial vehicle owners and fleet operators across India.

The partnership is expected to improve access to finance, particularly for last-mile customers, by combining the strengths and expertise of both institutions to deliver faster and more streamlined services.

Ashok Kumar Pathak (Chief General Manager) - Bank of India, while commenting on this development, said, "Our collaboration with Tata Motors Finance exemplifies this commitment as we work towards co-creating financing solutions that address the specific needs of the Commercial Vehicle industry.”

The co-sourcing arrangement, developed collaboratively by teams from both companies, is expected to strengthen their ongoing relationship. It is also designed to create new opportunities for growth in commercial vehicle financing by streamlining processes and improving service delivery to customers.

Neeraj Dhawan, Managing Director (Designate), Tata Motors Finance, said, “Our collaboration with Bank of India… echoes with our shared commitment to driving financial excellence within the Commercial Vehicle ecosystem.”

“Given the capital-intensive nature of the commercial vehicle and logistics sector, our collaborative strength opens-up numerous avenues to efficiently address and meet the diverse, recurring funding requirements of the sector,” Dhawan added.