Tata Motors has partnered with Indian Bank to offer car loans for passenger cars. The company noted that the decision has been taken, considering the upcoming festive season.
New car loans, under the new partnership, will start at as low as 7.80%. The scheme will provide up to 90% financing on road funding, with repayment terms of up to seven years. In addition, customers can foreclose or provide partial payments at no additional fees. Tata Motors’ customers can register for the finance options through the company's dealers across the country or at any of the 5700+ branches of Indian Bank across India.
The OEM is confident of offering best-in-class services, including the digital-lending process, to Tata Motors customers to meet their aspiration of owning a car, noted Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles. He said, 'Our partnership aims to provide a hassle-free experience to our customers and thereby add to the fervor of the upcoming festive season. We are confident that such partnerships will make the car purchasing process seamless for customers and positively impact their overall buying experience of Tata cars.”
Imran Amin Siddiqui, Executive Director, Indian Bank, added, 'We are committed to making the car financing experience more convenient for customers, and a variety of options in terms of rate of interest will be made available to simplify the financing process.”
Tata Motors sold 45,197 passenger vehicles in June 2022. This is the OEM's best performance in the passenger vehicle in India in a single month so far. The company had sold only 24,110 PVs in June 2021.