India's leading automotive manufacturer Tata Motors has joined hands with the Bank of Maharashtra to make the 'Maha Super Car Loan scheme' available to all its New Forever range of passenger vehicles customers.
As part of the tie-up, the bank will provide loans to Tata Motors' customers at an interest rate starting from 7.15% linked with Repo Linked Lending Rate (RLLR), subject to certain conditions. This scheme will offer a maximum of 90% financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturists. In contrast, a maximum of 80% financing can be availed on the cost of the vehicle by corporate clients.
In addition, this partnership also offers customers a hassle-free option of getting their loans approved with zero processing fee till 30th September 2021 under 'Monsoon Dhamaka Offer.'
The company said the customers could benefit from an easy and quick sanction of loans with no pre/part payment charges. Furthermore, future car owners can also take advantage of a special EMI option starting with INR 1,517 per lakh for seven years. In addition to the above, the partnership has laid out a 0.25% concession in the ROI for corporate salary account holders and existing housing loan borrowers.
Rajan Amba, Vice president, Sales, Marketing & Customer Care, PVBU, Tata Motors, said, 'Given the ramifications of the second wave of the pandemic, we, at Tata Motors, have always tried to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates. We hope that these offers will make the process of purchasing a car that much easier for customers and that this will positively impact their overall buying experience of Tata cars.'
Hemant Tamta, Executive Director, Bank of Maharashtra, said that with its vast network of branches, unique loan features, and brand loyalty, the bank is optimistic that it can forge a great partnership and serve the customers with the best products and services.