19 March, 2009
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.
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 countryâ€™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)