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Tata Motors inks understanding with Bank of India for financing Fiat Cars Press kit

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15 June, 2009

Tata Motors, in its endeavour to serve its customers better, has entered into an understanding with the Bank of India. The understanding will entail financing of Fiat cars which are available through the Tata-Fiat dealer network.

Customers can avail special interest rates for loans up to Rs 10 lakhs @ 9.75% to 10.25% for a new Fiat car of their choice from the Linea, Palio and the to-be-launched Grande Punto. Bank of India offers car loans up to 90 % of invoice, for loans up to Rs 10 lakhs for tenure ranging up to 6 years. This facility will be available at all metro, urban and semi-urban branches of Bank of India and the 100 sales touch points of the Tata-Fiat distribution network. This tie-up will also provide consumers a single window for availing loans for both cars i.e. manufactured by Tata Motors as well as Fiat cars, giving the customer a satisfying purchasing experience.

Commenting on this funding tie-up, Tata Motor’s Subodh Marathe – Country Head (Fiat Product Group) said, “Tata Motors has always been at the fore-front of introducing multiple customer centric initiatives. We felt that the strong product range from Fiat could be leveraged further with easy financing options for interested customers. Bank of India with its great reputation is a perfect partner to kick start this drive.”

Bank of India is one of the largest Public Sector Undertakings in the country catering to the needs of industry, exports, agriculture as well as retail segment. The bank has international presence with about 3000 branches in India and 74 extension counters spread all over the country. Bank of India has won the award of Top Public Sector Bank and Best Public Sector Bank under the Best Bank and Overall Best bank in the DUN & BRADSTREET BANKING AWARDS 2008.

About Tata Motors

Tata Motors is India’s largest automobile company, with standalone revenues of US$ 5.5 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. (www.tatamotors.com)

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