4 December, 2009
Tata Motors has entered into an understanding with the IDBI Bank for financing to the Customer its range of Passenger Cars and Multi Utility vehicles to provide an added facility of Retail Finance.
IDBI Bank will offer loans for Tata Motors” Passenger vehicles on â€˜on-road price’ (including vehicle cost, road tax and insurance), for a tenure ranging up to 7 years, at a very competitive rate, 8.5% for the first year and in subsequent years it will be 3% less than BPLR.
About Tata Motors
Tata Motors is India’s largest automobile company, with consolidated revenues of Rs.70,938.85 crores ($ 14 billion) in 2008-09. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 4 million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top three in passenger vehicles. It is also the world’s fourth largest truck manufacturer and the second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America.
About IDBI Bank
IDBI Bank Ltd. is a universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 688 branches and 1136 ATMs. The Bank has a balance sheet size of Rs.1,88,183 crore as on September 30, 2009. IDBI Bank’s operations during the half-year ended September 30, 2009 resulted in a net profit of Rs.426 crore