Tata Motors, Karnataka Bank tie-up: Offer up to 85 percent car loan on on-road price

'The proposition becomes even more attractive for the customer with Karnataka Bank now offering car loans through an end to end digital platform developed in house for existing as well as new customers.'

By:January 4, 2021 5:28 PM
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Tata Motors has signed a Memorandum of Understanding (MOU) with Karnataka Bank to jointly introduce finance options for its customers to purchase Tata cars. Customers can avail of a variety of schemes on their future vehicle purchase available across 857 branches of Karnataka Bank which include 199 semi-urban and 67 rural branches.

Under this collaborative initiative, customers can avail of loans of up to 85% on the on-road pricing of a Tata Motors vehicle with an interest rate linked to External Benchmark Lending Rate (EBLR) which will be updated on the bank’s website periodically. The tenure of this loan is set at a maximum timeframe of up to 84 months.

Also read: Tata Nexon EV crosses 2,000 sales milestone: 1,000 electric Nexon SUVs sold in last three months

In addition to the above, individuals applying for a loan have to be at least 18 years of age and need to be income tax assessees. The scheme can also be availed by customers who are agriculturists and are owners of farming lands as well as by Non-Resident Indians (NRIs).

A company/firm/trust/association/society availing the loan in its name or in the name of its executive/managing director/managing partner/managing trustee/president/secretary is also eligible for finance under this program.

The tie-up in line with Tata Motors’ endeavor to make safe personal mobility solutions more accessible to individuals and families, while contributing to the joy of their overall ownership experience. We hope, that these offers will boost customer morale and make the process of purchasing a car more convenient for all, Rajan Amba, Vice President, Sales, Marketing and Customer Service, Passenger Vehicle Business Unit (PVBU), Tata Motors said.

The proposition becomes even more attractive for the customer with Karnataka Bank now offering car loans through an end to end digital platform developed in house for existing as well as new customers, enabled with faster processing capabilities primarily envisioned for greater customer delight, Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank, said.

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