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India's leading car maker Tata Motors has tied-up with IndusInd Bank for the financing of its passenger vehicles in the Indian market. The senior executives of both the companies signed a memorandum of understanding in this regard on Friday. According to a statement given by Mr R Ramakrishnan, Passenger Vehicle Business Unit Vice President at Tata Motors, IndusInd ranks in the top retail financiers for Tata Motors commercial vehicle segment today and the company is happy to extend this partnership for its passenger vehicle business as well.

IndusInd bank is one of the largest banks in the Indian market with over 20 lakh customers. The bank hosts as many as 24 branches and 533 ATMs spread across 28 states of the country. The tie-up with Indusind bank bank will provide a single window for both purchasing and financing to the buyers who are interested in buying Tata cars. Mr S V Parthasarathy, Consumer Finance Division Executive Vice-President at IndusInd Bank said in a statement that with this tie-up, IndusInd Bank would be in a position to cater to the financial needs of Tata Motors customers for the entire range of vehicles sold by the Indian auto giant.

Tata Motors is currently one of the largest car makers in the country and sells some of the most popular cars in the Indian market including the cheapest car in of the country Tata Nano. The company has recently inaugurated the second plant of Nano at Sanand in Gujarat which will soon enable the company to sell Nano off the shelves in the Indian market from next month. Besides Tata Nano, the best selling cars of the company in the Indian market include hatchback Tata Indica Vista, starting range sedans like Tata indigo CS and Tata Manza, SUVs like Tata Safari and Tata Sumo. With this, Tata Motors also manufactures a large range of commercial vehicles and trucks in the country.