Tata Motors partners with Indian bank to offer car loans
Tata Motors has partnered with Indian Bank to offer car loans for passenger cars. The company noted that the decision was made, given the upcoming holiday season.
New auto loans, under the new partnership, will start at a rate as low as 7.80%. The program will provide up to 90% of road financing, with repayment terms of up to seven years. Additionally, customers can exclude or provide partial payments at no additional cost. Tata Motors customers can apply for financing options through the company’s dealerships across the country or at any of Indian Bank’s more than 5,700 branches across India.
The OEM is confident to offer best-in-class services, including digital lending process, to Tata Motors customers to fulfill their aspiration to own a car, noted Ramesh Dorairajan, Senior Managing Director – Network Management and electric vehicle sales, Tata Motors Passenger Vehicles. He said: “Our partnership aims to provide a hassle-free experience for our customers and thereby add to the excitement of the upcoming festive season. We are confident that such partnerships will make the car buying process seamless for customers and positively impact their overall Tata car buying experience.
Imran Amin Siddiqui, Managing Director, Indian Bank, added, “We are committed to making the auto finance experience more convenient for customers, and a variety of interest rate options will be available to simplify the process. of financing.
Tata Motors sold 45,197 passenger vehicles in June 2022. This is the automaker’s best performance in passenger vehicles in India in a single month so far. The company had only sold 24,110 PV as of June 2021.