DICV Eases Vehicle Financing, Joins Hands with Tamilnad Mercantile Bank
Published On Feb 19, 2016
In order to make truck buying an easier experience for fleet owners, Daimler India Commercial Vehicles (DICV) has recently signed a Memorandum of Understanding with Tamilnad Mercantile Bank (TMB). The tie-up between the two organizations will ease out the hassles of financing and provide suitable capital support for customers buying BharatBenz trucks and buses across India.
Remarking on the new tie-up, Erich Nesselhauf, Managing Director and CEO, DICV, 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."
H S Upendra Kamath, Managing Director & CEO, Tamilnad Mercantile Bank was also optimistic about the tie-up. He believed that TMB’s strong presence in Tamil Nadu and the bank’s wide network in semi-urban and rural areas will help leverage the strengths of the two organizations. Also, new avenues for business will open up, thus providing a collaborative association.
One of the prominent commercial banks of South India, TMB has become a vital financing partner for BharatBenz trucks. Diamler also has its own captive financing brand named BharatBenz Financial.
A wholly owned subsidiary of Daimler AG, Stuttgart, Germany, DICV currently manufactures and sells trucks for the Indian terrain ranging from 9 to 49 tonnes under the ‘BharatBenz’ brand. The famous FUSO trucks, popular in South East Asia, Africa, the Middle East and Latin America, is also rolled out by DICV. DICV’s state-of-the-art manufacturing facility at Oragadam, near Chennai houses its truck and bus plant. The facility is the only Daimler Trucks plant worldwide to produce commercial vehicles, engines and spares for three brands—Mercedes-Benz, BharatBenz and FUSO, all under one roof.