New Delhi: Commercial vehicle maker Tata Motors on Tuesday said it has partnered with UCO Bank to provide vehicle loans to customers across India.

The two partners have signed a Memorandum of Understanding (MoU) for the purpose, Tata Motors said in a statement.

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Under this collaboration, customers will have access to attractive interest rates designed to minimise the cost of ownership, along with quick loan approvals and fast-tracked processing that ensure rapid vehicle delivery, it added.

Both organisations will work in close alignment across branches, dealerships, and market outreach to ensure that the competitive financing reaches customers wherever they are, particularly in underserved urban and rural markets, the company said.

"Access to organised and competitive financing is a key enabler for our customers' growth, and UCO Bank's strong nationwide presence makes them an ideal partner in this endeavour," Tata Motors Vice President & Business Head Trucks, Rajesh Kaul said.

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UCO Bank General Manager & Zonal Head-Mumbai, Shashikant Kumar said, "Through this strategic partnership, we aim to provide seamless, competitive and timely financing for TATA Motors' commercial vehicles, enabling entrepreneurs, fleet operators and businesses to expand with confidence."

The partnership also brings simplified, customer-friendly documentation for a seamless buying experience, high loan-to-value funding options that lower upfront capital requirements for businesses, and flexible, structured repayment tenures tailored to the cash flow needs of fleet operators, the statement said.

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