Tata Motors has signed a retail finance MoU with the Bank of India (BOI) to offer finance options to all its passenger vehicle customers. As part of the tie-up, BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%. This scheme will offer a maximum of 90% financing on the total cost of the vehicle (Ex-showroom pricing + Insurance + Registration).
Customers can also enjoy a benefit of a special EMI option starting with ₹1,502 per lakh on a 7-year repayment period. The Bank has also designed certain exclusive features for Tata Motors car buyers availing BOI car finance option which includes Zero processing charges till 31st March 2022, FOIR (Fixed Obligation to Income Ratio) basis which the current liabilities of the customer applying for a loan will be capped at 70% irrespective of the income slab and a Higher loan amount eligibility for purchasing Tata Cars.
These offers will be applicable across the range of ICE Cars and SUVs made by Tata Motors, as well as on EVs for personal segment buyers across the country.
Commenting on the association, Rajan Amba, Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit, Tata Motors said, “We, at Tata Motors, have always tried to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates. We are delighted to join hands with the Bank of India and this partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season. We hope that these offers will make the process of purchasing our cars much easier for customers and that this will positively impact their overall buying experience of Tata cars.”
Commenting on the assertion, Rajesh Ingle, General Manager – Retail Business said “We, at Bank of India have reoriented the banking services with the retail customer as a focal point by designing products that are aligned to customer needs. Our vehicle loan products with the lowest rate of interest is one such product. Bank’s Tie-up with Tata Motors will be a win-win for customers in the sense that they can access Best in class personal mobility solution with the Best finance option from Bank of India”.