Tata Motors has signed a memorandum of understanding with the State Bank of India, making the country's largest commercial bank as its preferred financier for commercial vehicles.

This is the first such financing tie-up that Tata Motors has entered into for its commercial vehicle sales to provide access to organised finance for customers in semi-urban and rural areas, the company said on Tuesday.

Under the MoU, SBI will offer financing facilities at identified bank branches and select Tata Motors dealer locations across all over India.