26 April, 2010
Tata Motors has entered into an understanding with Indian Overseas Bank (IOB) for financing its wide range of commercial vehicles across the country to provide an added facility of finance to its customers.
IOB will offer loans for Tata Motors’ commercial vehicles up to 85% of the on-road cost (including vehicle cost, road tax and insurance) at a very competitive rate of 10% up to Rs. 25 lakhs and 10.5% above Rs. 25 lakhs. Under this tie-up, the bank will not collect any processing charges from customers and no collateral security will be required up to Rs. 1 crore funding.
IOB is a reputed public sector bank, which provides wide range of banking services and financial products including finance for purchase of vehicles. The bank through a country-wide presence of 1998 branches will help Tata Motors in facilitating its customers.
This facility will be available at all the 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)