Daimler India Commercial Vehicles Pvt. Ltd. (DICV) has signed a Memorandum of Understanding with Tamilnad Mercantile Bank (TMB) to provide tailor-made financing packages to customers across the country for modern BharatBenz trucks and buses. The agreement was signed by Mr. H.S Upendra Kamath, MD & CEO of Tamilnad Mercantile Bank and Mr. Arghadip Roy, Deputy General Manager and National Head-Retail and Channel Finance, DICV and Mr. Prabudass Ealumalai, Senior Manager, Retail Finance South, DICV.
Commenting on the partnership, Mr. Erich Nesselhauf, Managing Director and CEO, Daimler India Commercial Vehicles said: “This is another important step to further strengthen the BharatBenz brand’s presence in Southern India. Tamilnad Mercantile Bank has a strong footprint where our dealers and customers are located in the region, with over 80% of TMB’s branches situated in semi-urban and rural areas. This makes TMB a perfect partner to support our dealers with fast and easy processes, as well as to provide our customers with competitive, tailor-made financing solutions for their new BharatBenz products.”
“We have strong presence in Tamil Nadu. Our wide distribution network will help in reaching out to the semi-urban and rural areas of the state. This symbiotic relationship will help to leverage ours and DICV’s strengths, thus opening up new avenues and allowing for a collaborative association.” added Mr. H.S Upendra Kamath, Managing Director & CEO, Tamilnad Mercantile Bank.
Tamilnad Mercantile Bank is one of the strongest commercial banks from Southern India founded in Tuticorin in the year 1920. The bank extends banking service to common people of rural areas and sets standards in operations, customer service, compliance and regulation. Out of the total 452 branches, 414 branches are located at rural, semi urban & urban (non-metro) centers.
TMB has an aggressive strategy in the SME lending sphere and offers its customers’ multiple schemes to choose from. Apart from Daimler’s own captive financing brand, BharatBenz Financial, Tamilnad Mercantile Bank becomes a key financing partner for BharatBenz products along with others adding substantial choice and value for customers.