20 October, 2009
Tata Motors has entered into an understanding with the Andhra Bank for financing its range of commercial vehicles to provide an added facility of finance to its customers.
Andhra Bank will offer loans for Tata Motors’ commercial vehicles up to 90% of the on-road cost (including vehicle cost, road tax and insurance), for a tenure ranging up to 6 years, at a very competitive rate of 12.5%.
Andhra Bank is one of the largest Public Sector Undertakings in the country catering to the financial needs of industry as well as retail segment. The bank has pan India presence with about 1,550 branches.
This facility will be available at all the 1,550 branches of the bank and commercial vehicle dealerships of Tata Motors.
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, 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)