CSC partners with Tata Motors Finance to provide vehicle loans in rural areas

New Delhi: Government-promoted CSC E-Governance Services India on Wednesday announced its strategic partnership with Tata Motors Finance (TMFL) and Tata Motors Finance Solutions (TMFSL) to provide vehicle loans in rural areas of the country. Through the partnership, the Village Level Entrepreneurs (VLEs) will be able to provide a range of vehicle loan services, including refinancing of used ones, of TMFL and TMFSL.

"Tata Motors Finance Ltd and Tata Motors Finance Solutions Ltd 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 5 lakh Village Level Entrepreneurs across the country," a CSC statement said.

Customers can approach nearest CSC centres for availing loans

To avail these loans, customers can approach their nearest CSC with KYC documents like PAN, Aadhaar or Passport; income documents; and property documents like proof of ownership, tax receipts, etc, it stated.

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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"Vehicle sales in rural areas have been rising fast. However, vehicles 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," CSC SPV Managing Director and CEO Sanjay Kumar Rakesh, said in the statement.

"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," the CEO added.

TMFL is a Non-Banking Financial Company (NBFC) engaged in the business of offering various financial services, including, but not limited to, various loan products to customers, financing and related services in relation to new vehicles. Whereas, TMFSL is a NBFC engaged in the business, inter alia, of offering various financial services, including refinancing of used vehicles.

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