4 September, 2012
Tata Motors has entered into an understanding with J&K Bank Ltd., for financing its passenger vehicle customers. With this arrangement, J&K Bank Ltd. will be one of the preferred retail financiers of Tata Motors’ passenger car business.
According to Mr. Ramesh Dorairajan, Head Retail, Channel Finance & Insurance, Tata Motors, “We are happy to tie-up with J&K Bank as we will be able to leverage the vast network of the bank for retail financing. This partnership will also help the bank to further strengthen its position in retail loan space. We are confident that our growing network will further drive this tie up.”
Mr. SK Bhat, President, J&K Bank, said, “The tie-up with Tata Motors will open new vistas for both, the company and the bank. We want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal. We have been among top performers in passenger car financing and we will extend every possible support to Tata Motors’ customers.”
J&K Bank will facilitate eligible customers of Tata cars & UVs with vehicle financing, at attractive rates, across all J&K Bank branches, in India. The loan facility will be extended up to 7 years, with maximum funding.
About Tata Motors
Tata Motors is India’s largest automobile company, with consolidated revenues of Rs. 1,65,654 crores ($ 32.5 billion) in 2011-12. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain and South Africa. 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 7.5 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 and 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 Jammu & Kashmir Bank
A fast growing commercial banking organization functioning across length and breadth of India, J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in other parts of India. It is the sole banker carrying out banking business on behalf of the Central Government, besides collecting central taxes in J&K state.
Incorporated in 1938, the bank received status of a scheduled bank in 1971. The bank has witnessed unprecedented growth in business over the last decade. The Bank has 618 branches, besides operating 540 ATMs. The Banks aggregate business has already crossed 86000 crores as on 31st March 2012. During the current year ending March, 2013, aggregate business is expected at 100000 crores with net profit of 1000.00 crores.