Canara Bank has entered fresh MoU with M/s Tata Passenger Electric Mobility Ltd. (earlier M/s Tata Motors Ltd) and will enjoy the status of “Preferred Financier” with M/s Tata Motors Ltd. and the same is valid till 31.03.2025.
Salient Features & Action points under MOU
- The objective of this MoU is to make accessible organized finance facility to customers across the country, who wishes to buy vehicles of M/s Tata Passenger Electric Mobility Ltd.
- By virtue of this MoU, Canara Bank will enjoy the status of “Preferred Financier”. M/s Tata Passenger Electric Mobility Ltd. will give due publicity to Canara Bank indicating bank’s status as one of their “Preferred Financiers”.
- MoU also permits bank to advertise themselves as one of the Preferred Financiers of M/s Tata Passenger Electric Mobility Ltd. in the advertisements and publicity materials that may be displayed in showrooms of the dealers of M/s Tata Passenger Electric Mobility Ltd., Bank branches or at any other places and through any media.
- M/s Tata Passenger Electric Mobility Ltd. and Canara Bank will be entitled to utilize each other’s premises for sales promotion of Vehicles.
- This MoU helps Branches/Offices of the bank to arrange for joint publicity for marketing of our Canara Vehicle Loan Scheme and to improve their qualitative lending.
Strategic Management
This will help Branches/Offices/RAHs by utilizing the Tie up arrangement with M/s Tata Passenger Electric Mobility Ltd. for garnering business under Canara Vehicle Loan segment:
- By engaging in Joint Publicity.
- To arrange joint camps/programmes etc. with the Authorized Dealers of the subject Companies.
- To popularize Canara Vehicle Loan scheme for increasing qualitative lending under this portfolio.