Tata Motors Limited (TTM) announced today that it's expanding its financing options to put more women behind the wheel.
As part of its celebration of International Women's Day, the Indian automaker announced a new partnership with Bharatiya Mahila Bank, or BMB, the first women's Bank of India founded last November. With some products specifically focused on women and discounts for female entrepreneurs, Tata Motors expects this new agreement with BMB to increase its female customer base.
"On the occasion of Women's Day, we are happy to tie up with BMB," said Ankush Arora, senior vice president of passenger vehicles, at a ceremony today. Arora continued:
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 customer 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.
BMB will offer its female customers Tata vehicle financing "at an attractive rate of 10.5%" extended up to seven years.
BMB Chairperson and Managing Director Usha Ananthasubramanian thinks the agreement will work well for everyone involved: "The tie-up with Tata Motors will open new vistas for both, the company and the bank. ... 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."