TVS Motor Company (NSE:TVSMOTOR, BOM:532343) has entered into a memorandum of understanding with Manba Finance to offer retail finance solutions for its commercial vehicles, according to a Tuesday filing to the Indian stock exchanges.

Under the MoU, Manba Finance will provide monthly installment-based financing solutions for the entire range of TVS commercial mobility vehicles, including both passenger and cargo three-wheelers, across internal combustion engine (ICE)

and electric vehicle models.

The partnership will help to offer competitive funding schemes, reduced turnaround time for loan processing, and expand its presence in the rural and semi-urban markets.

The company's shares were up over 1% in recent trade.