In order to provide an added facility of car finance to its customers, Tata Motors has entered into an understanding with Indian Bank for financing its range of passenger vehicles.
Indian Bank, a Public Sector Undertaking, caters to the needs of industry as well as retail segment. The bank has pan India presence with over 1575 branches spread all over the country. The bank has a very strong presence in South India with over 600 branches. All the branches of Indian Bank are networked and offer core banking solutions. The bank was awarded â€œthe best nationalised bank for FY 2007-08â€ by The Financial Express based on the bankâ€™s performance.
Indian Bank offers car loans up to 85% of on road price, for tenure ranging up to 7 years, at a very competitive rate of 11.5% p.a.
This facility will be available at all 1575 branches of Indian Bank and 470 sales touch points of Tata Motors. This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers.