Tata Capital, the financial services arm of the Tata Group has launched, what it claims is an industry first initiative for instant digital onboarding for commercial vehicle loan customers.
The company will provide instant loan decisioning capability targeted towards SME customers. Tata Capital has partnered with major Original Equipment Manufacturers (OEMs) to ensure customers get a wide choice while buying new commercial vehicles.
This it says 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.
Abonty Banerjee, COO – 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.”
