1 December, 2010
Tata Motors has entered into an understanding with the United Bank of India for financing its range of commercial vehicles to provide an added facility of finance to its customers.
With this tie-up, the United Bank of India will offer loans for Tata Motors’ commercial vehicles to both Existing and New Transport operators upto 90% of the cost of vehicle (including chasis, body, insurance and registration) , for a tenure ranging upto 5 years, at competitive rates. No collateral security will be required on funding upto Rs 10 lakhs for cases done under CGTSME.
This facility will be available at all 1,555 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. 92,519 crores ($ 20 billion) in 2009-10. 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 5.9 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)