The manufacturer of world's cheapest car Tata Motors once again hits the headline with regard to its tie-up with a bank. After singing a series of agreement with various banks, the car manufacturer enters into an understanding with Canara Bank for financing its range of passenger vehicles.
Canara Bank is one of the largest Public Sector Undertakings (PSU) in the country that accomplishes the financial needs of industry as well as retail segment. The bank is spread across the country with nearly 2,729 branches and 2,006 ATMs. According to the Agreement with Tata, the bank will offer car loans up to 90% of on-road cost for tenure ranging up to 7 years and also at a very competitive rate of 11.00%. Customers can avail this facility at all the 2,729 branches of Canara Bank and 470 sales touch points of Tata Motors.