Chennai : Automaker Tata Motors has entered into an understanding with IndusInd Bank for financing its range of passenger vehicles.

A MoU was signed in this regard by senior executives of the both companies, Tata Motors said in a statement.

"..IndusInd ranks in the top retail financiers for Tata Motors commercial vehicle segment today and we are happy to extend this partnership for our passenger vehicle business as well," Tata Motors Passenger Vehicle Business Unit Vice President R Ramakrishnan said.

"With this tie-up IndusInd Bank would be in a position to cater the financial needs of Tata Motors customers for the entire range of vehicles sold by Tata Motors," IndusInd Bank Consumer Finance Division Executive Vice-President S V Parthasarathy said.