Tata Capital, the financial services arm of the Tata Group has launched an industry first initiative for instant digital onboarding for its Commercial Vehicle loan customers. This journey with instant loan decisioning capability will provide customers with immediate financing solutions. This is the latest addition to the existing bouquet of offerings specially tailored for SME customers.
To offer this solution, Tata Capital has partnered with the major Original Equipment Manufacturers (OEMs) to ensure customers get a wide choice while buying new Commercial Vehicles. This is an “assisted” journey in which the relationship managers assist customers through the process. Relevant information about the fleet of the customer is fetched seamlessly using the Vahan APIs, making it effortless for the customer. Underwriting is also done using a scorecard, and with minimum documentation. The customer is given sanction letter within a few minutes.
Commenting on this launch, Abonty Banerjee- Chief Operating Officer- Digital & Marketing at Tata Capital said, “Our latest digital product will give our SME customers of Commercial Vehicle Loans an opportunity to easily meet their funding needs in a quick and seamless manner. This is in line with our strategy of constantly providing innovative digital products and making the customer journey frictionless and simple.”