Tata Motors has entered into an understanding with Central Bank of India & Corporation Bank for financing its range of Passenger Vehicles to provide more options for car finance to its customers.
Central Bank of India is one of the largest public sector undertakings in the country catering to the needs of industry as well as retail segment. The bank has pan-India presence with about 3500 branches spread all over the country.
Central Bank of India offers car loans up to 85% of on road price, for tenure ranging up to 7 years, at a very competitive rate of 10.5% p.a (for a 36 month tenure) and 11.5% p.a (for tenures greater than 36 months).
This facility will be available at all 3500 branches of Central Bank of India and 329 sales touch points of Tata Motors. This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers.
Corporation Bank has lowered their car loan rates and now offers loan up to 85% of on road price, for tenure ranging up to 5 years, at a very competitive rate of 11.75% p.a. The bank will be processing the loan applications within 7 days.
This facility will be available at all 1,073 branches of Corporation Bank and 329 sales touch points of Tata Motors. The dealer network will be fully trained to explain the loan formalities and will help customers in completing the documentation required for availing car loans from the bank.
Both the organisations will jointly organise sales promotion activities and display each other’s products and offerings at their respective premises. This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers.
In addition to this Tata Motors also has its own company “Tata Motor Finance” for financing its passenger and commercial vehicles.
Source Tata motors