Tata Capital To Instantly Sanction Commercial Vehicle Loans

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.

To offer this solution, Tata Capital has partnered with the major Original Equipment Manufacturers (OEMs) to ensure customers get a wide choices 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 using the Vahan APIs. Underwriting is also done using a scorecard and with minimum documentation. The customer is given a sanction letter within a few minutes. 

Commenting on this launch, Abonty Banerjee, Chief Operating Officer of 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.”