Telco ties up wtih HDFC Bank

Telco ties up wtih HDFC Bank

MUMBAI, FEB 23: Tata Engineering (Telco) has entered into an alliance with HDFC Bank to widen its range of preferred financers for its passenger cars and multi-utility vehicles.

"At present, HDFC Bank extends personal loans in four cities and car finance in 13 cities in the country. We have drawn up plans to extend our car finance operations to 22 cities in the country and have already installed the necessary infrastrcture and technological support for the purpose. Our strengths lie in the large distribution and faster back-end processing, on the basis of which we hope to capture at least 33 per cent market share of the `financed' Indica market soon," HDFC Bank's country head for marketing and retail assets, Neeraj Swaroop said.

He added that HDFC bank plans to offer preferred rate of financing the `Indica' buyers. "HDFC Bank's presence at Tata Engineering dealerships will allow us to offer a superior combo-package," Neeraj said.

"This alliance would help us reach out to new customers through HDFC Bank's extensive network of 109 branches and 102 ATMs (post Times Bank merger). Besides, their attractive finance options, quick loan approval systems and unique, innovative loan packages would further boost Tata Indica sales, which are expected to touch 50,000 cars soon," Tata Engineering's general manager of commercial-passenger car division, Rajiv Dude said.