Bajaj Finance Limited will facilitate financing for customers who buy electric two-wheelers following a standard merchant agreement signed by Tunwal E-Motors Limited and Bajaj Finance Limited.
Customers can now avail finance options at Tunwal showrooms since Tunwal is now an authorized merchant under Bajaj Finance’s existing loan facility scheme. In its filing, the company said the arrangement has no new obligations and does not have any impact on management or control of the listed entity.
Most of the manufacturers and dealerships share similar arrangements with a number of finance institutions to facilitate this type of financing relation common in the automotive industry.
Tunwal E-Motors, formerly Tunwal E-Motors Private Limited, is an electric two-wheeler company with operations in Maharashtra and Rajasthan. The company has facilities such as a factory at the State Industrial Development Corporation Ltd. industrial park in Sikar, Rajasthan. Tunwal is listed on the National Stock Exchange of India under the ticker symbol TUNWAL and has its headquarters in Pune, Maharashtra.
One of the top non-banking financial companies (NBFCs) in India is Bajaj Finance Limited, which is a subsidiary of Bajaj Finserv. The company offers various financial services like commercial and consumer loans, insurance, and investment. Bajaj Finance has had a significant presence in the retail borrowing space in India due to its brand image for great customer service and digital infrastructure. The company often works with retailers and manufacturers across industries to provide point-of-sale financing opportunities.