Tata Motors has agreed a deal with India’s state-owned Corporation Bank to finance passenger vehicles.
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Corporation Bank has lowered its car loan rates and now will lend up to 85% of the on-road price for up to 5 years, “at a very competitive” 11.75% a year, Tata said in a statement. The bank would process loan applications within seven days.
This facility will be available at all 1,073 branches of Corporation Bank and 329 Tata Motors sales outlets. Both firms will jointly organise sales promotion activities and display each other’s products 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,” Tata said.
