When the economy slides through recession, it is essential for the companies to provide extended support to their customers in order to maintain the sales. Many car manufacturers has realised this and have come up with attractive plans for the buyers.
Tata Motors have taken one such step by providing a facility to easy avail car loans. It has tied up with Corporation bank and the Central bank of India to provide car loans to their customers. Both the banks are well established nationalised banks with their clientele in Industrial, Corporate, and retail sectors.
Both the banks offer loans of up to 85% on road price of the vehicle. The Corporation bank offers loan tenure of up to 5 years and the Central bank provide the same for up to 7 years. The Corporation bank offers the loan through all of its 1073 branches and 329 sales touch points of Tata Motors at a competitive interest rate of 11.75% per annum. Their loan processing takes 7 days.
The Central bank too has attractive loan rates for Tata customers. The bank offers a rate of interest of 10.5% p.a ( for a tenure of 36 months) and 11.5% p.a ( for tenure above 36 months). The loans can be availed from all their 3500 branches and 329 sales touch points of Tata Motors. Tata has also trained the dealer network properly to explain the loan formalities to help the buyers in the documentation process.
This joint promotional activity with these banks will ease the process of buying a car for Tata customers as the cars and the loans are made available through the same platform.