Tata Motors ties up with Indian Bank to provide an added facility for financing its range of passenger vehicles.
Indian Bank is a Public Sector Undertaking (PSU) that fulfills the needs and requirements of the industry as well as the retail segment. The bank has a widespread network across the country with around 1575 branches. Among the 1575 branches about 600 branches cater to the needs of South Indian markets that show that the bank has stronger presence in the region. It has also been awarded as the best nationalized bank for the financial year 2007-2008.
Tata feels that a tie-up with such a bank will help the company promote their cars with ease providing quick availability of finance. The bank will offer car loans of up to 85% of on road price for a maximum loan period of 7 years at a competitive rate of 11.5%.
The facility of car finance for Tata cars will be offered at all the branches of the Indian Bank as well as 470 sales touch points of Tata Motors.