Tata Motors has entered into an understanding with Indian Overseas Bank (IOB) for offering finance alongside its commercial vehicles across India.
IOB will offer loans for Tata Motors’ commercial vehicles up to 85% of the on-road cost (including vehicle cost, road tax and insurance) at a rate of 10% up to Rs. 25 lakhs and 10.5% above Rs. 25 lakhs. Under this tie-up, the bank will not collect any processing charges from customers and no collateral security will be required up to Rs. 1 crore funding.
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IOB is a public sector bank, which provides wide range of banking services and financial products including finance for purchase of vehicles. The bank has a country-wide presence of 1998 branches.
This facility will be available at all the branches of the bank and commercial vehicle dealerships of Tata Motors.
