Tata Motors has entered into an understanding with Vijaya Bank for financing its range of commercial and passenger vehicles, a company statement said here.

Vijaya Bank will offer loans for Tata Motors? vehicles up to 85 per cent of the on-road cost (including vehicle cost, road tax and insurance), for tenure ranging up to 5 years, at a competitive rate of 11.25 per cent and for passenger cars the rates are 8.5 per cent for first year and then 10 per cent 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, it said. PTI AP AT VMD 12091936 DELHI-SUGAR Delhi Govt exempts VAT on imported sugar New Delhi, Dec 9 (PTI) Delhi Government today decided to exempt imported sugar from the ambit of value added tax, a move aimed at bringing down the price of the commodity.

The decision was taken at a Cabinet meeting chaired by Chief Minister Sheila Dikshit.

A senior official said the government took the decision to stabilise the prices of sugar. Imported sugar attracts 12.5 per cent VAT in the national capital.

Alarmed by the rising prices of sugar, the Centre has already banned its futures trading.

Sugar prices have risen to Rs 38 a kg in the national capital from Rs 20 a year earlier.