CSC partners with TMFL, TMFSL to provide auto loans in rural areas, Auto News, ET Auto

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

“Tata Motors Finance Ltd and Tata Motors Finance Solutions Ltd have entered into a strategic partnership with Common Service Centers (CSCs), under the umbrella of the Ministry of Electronics and Information Technology, to provide vehicle loan facilities to citizens through the network of over 5 lakh Village Level Entrepreneurs across the country,” a CSC statement read.

To avail these loans, clients can contact their nearest CSC with KYC documents such as PAN, Aadhaar or Passport; proof of income; and property documents like proof of ownership, tax receipts, etc., he said.

The partnership will provide an opportunity for TMFL and TMFSL to diversify touchpoints for customers wishing to benefit from its lending facility and further deepen its market penetration into new territories, according to an official statement.

“Vehicle sales in rural areas have been growing rapidly. However, auto loans are not readily available in rural areas. Through this partnership, CSC, with its extensive network in rural areas, will help TMFL and TMFSL reach last mile customers and help create structured financial information for various lending products in rural areas,” CSC SPV Managing Director and CEO Sanjay Kumar Rakesh said in the release.

“With easy access to loans in rural areas, rural dwellers will now be able to easily purchase the vehicles of their choice. We also plan to make CSCs EMI collection hubs,” the CEO added.

TMFL is a non-bank financial company (NBFC) engaged in the business of providing various financial services, including but not limited to various customer loan products, financing and related services related to new vehicles. Whereas TMFSL is an NBFC whose activity consists, among other things, of offering various financial services, including the refinancing of used vehicles.

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