12 February, 2009
In order to provide an added facility of car finance to its customers, Tata Motors has entered into an understanding with Corporation Bank for financing its range of Passenger Vehicles.
Corporation Bank has lowered their car loan rates and now offers loan up to 85% of on road price, for tenure ranging up to 5 years, at a very competitive rate of 11.75% p.a. The bank will be processing the loan applications within 7 days.
This facility will be available at all 1,073 branches of Corporation Bank and 329 sales touch points of Tata Motors. The dealer network will be fully trained to explain the loan formalities and will help customers in completing the documentation required for availing car loans from the bank.
Both the organisations will jointly organise sales promotion activities and display each other’s products and offerings at their respective premises. This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers.
About Tata Motors
Tata Motors is India’s largest automobile company, with revenues of US$ 8.8 billion in 2007-08. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, a business comprising the two iconic British brands. It also has a strategic alliance with Fiat. 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. (www.tatamotors.com)