Looks like Tata Motors is venturing with every bank. After a series of tie-up, now it has joined hands with Andhra Bank for financing its passenger cars. It has already tied-up with SBI, State Bank of Bikaner and Jaipur, Corporation bank, and Central bank of India.
Andhra Bank holds a strong industrial as well as retail clientele. The bank is spread across the country with nearly 1430 branches. It offers car loans up to 90% of invoice, for term up to 6 years with a competitive rate of 11.75%.
The understanding will provide a special scheme for women. According to the scheme, females can avail 0.50% concession in the rate of interest. Andhra Bank will ensure this facility across all its branches and 470 sales points of Tata Motors.