9 December, 2009
Tata Motors has entered into an understanding with Vijaya Bank for financing its range of commercial and passenger vehicles to provide an added facility of finance to its customers.
Vijaya Bank will offer loans for Tata Motorsâ€™ vehicles up to 85% of the on-road cost (including vehicle cost, road tax and insurance), for tenure ranging up to 5 years, at a very competitive rate of 11.25% and for Passenger cars the rates are 8.5% for first year and then 10% for balance 4 years.
Vijaya 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 1,139 branches.
This facility will be available at all the 1,139 branches of the bank and commercial and passenger 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 countryâ€™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)