In an effort to ease the process of car ownership for customers, Tata Motors on Wednesday announced that it has signed a retail finance MoU with Bandhan Bank to offer financing options to all its passenger vehicle customers.
“As part of the alliance, Bandhan Bank will provide loans to Tata Motors customers at an interest rate of not less than 7.50%. The scheme will offer up to 90% financing on the total on-road cost of the vehicle,” the leading automotive manufacturer said in a statement.
Tata Motors said that customers can also avail special EMI options with repayment tenure of up to seven years and the bank has also rolled out some special features like foreclosure and zero charges on partial payments.
Rajan Amba, Vice President (Sales, Marketing & Customer Care), Tata Motors Passenger Vehicle Business Unit said, “With an aim to make our personal mobility solutions more affordable and accessible at remunerative rates, this partnership is a part of our #FinanceEasy festival , in which we are collaborating with multiple finance partners across India to make car ownership accessible as well as a hassle-free process for the customers, thus adding to the celebration of this festive season.”
He added that the company expects these offers to make the process of buying a Tata car much easier for the customers and will have a positive impact on their overall buying experience.
Kamal Batra, Head of Assets, Bandhan Bank said, “With this association, we look forward to leveraging the broad reach of both the brands in rural, semi-urban and urban markets and enable many Indians to own their own personal vehicles. enable you to fulfill your dreams.”
“The Bandhan Bank car loan at zero partial payment and foreclosure charges and competitive price will attract the target markets. This agreement is a testimony to the bank’s ongoing effort to meet the needs of emerging India,” he added.
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