Tata Motors Finance Limited (TMFL) and Tata Motors Finance Solutions Limited (TMFSL) have entered into a strategic partnership with the Common Services Centers (CSC), under the Ministry of Electronics and IT, to provide vehicle loan facilities to citizens through the network of over five lakh Village Level Entrepreneurs (VLEs) across the country.
Commenting on the tie-up, CSC SPV Managing Director and CEO Sanjay Kumar Rakesh said: “Vehicle sales in rural areas have been rising fast. However, vehicle loans are not easily available in rural areas. Through the partnership, CSC, with its large network in the rural areas, will help TMFL and TMFSL reach out to the last mile customers and help build structured financial information for various loan products in rural areas. With easy access to loans in rural areas, those living in rural areas will now be able to easily buy vehicles of their choice. We also plan to make CSCs as EMI collection centres.”
Through the partnership, VLEs will be able to provide a range of loan services of TMFL and TMFSL like vehicle loan products and financial services, including refinancing of used vehicles. To avail these loans, customers can approach their nearest CSC with KYC documents like PAN Card, Aadhaar or Passport; income documents; and property documents like proof of ownership, tax receipts, etc, an official statement said.
The partnership will serve as an opportunity for TMFL and TMFSL to diversify touch points for customers willing to avail its loan facility and further deepen its market penetration in new territories, an official statement said.
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