Tata Motors has inked a new pact with Indian Bank to facilitate financing for its passenger vehicles customers as the festive season approaches. As per the understanding, Indian Bank will provide customised car loans from its 5,700+ branches across the country for Tata Motors passenger vehicle range.
The company says the partnership will see car loans with interest rates starting at 7.8 per cent with an option to avail up to 90 per cent financing of the PVs. The customers can repay the loans by up to 7-years and will be able to foreclose or provide partial payments at no additional fees.
Tata Motors said that the customers can also register for the finance options through its dealers’ network across the country. The Mumbai-headquartered carmaker sold 45,197 units in the passenger vehicle segment in June 2022, witnessing a 87 per cent YoY growth against its 24,110 units sold in June 2021. In the same period the OEM retailed 3,507 electric vehicles in the passenger vehicle segment, making it the leading the Indian EV player.
Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles said, “We, at Tata Motors, are delighted to partner with Indian Bank to make passenger vehicles more accessible to individuals and families. We have always aimed at making our personal mobility solutions more affordable and accessible for our customers, contributing to the joy of the overall ownership experience. Our partnership aims to provide a hassle-free experience to our customers and thereby add to the fervor of the upcoming festive season. We are confident that such partnerships will make the car purchasing process seamless for customers and positively impact their overall buying experience of Tata cars.”
Imran Amin Siddiqui, Executive Director, Indian Bank, “We are delighted with our partnership with Tata Motors, India’s leading passenger vehicle manufacturer, to provide attractive and easy car finance options for their customers. Indian Bank has a wide presence all over the country and we are confident of offering our best services, including our digital-lending process to Tata Motors customers for meeting their aspiration of owning a car. We are committed to making the car financing experience more convenient for customers, and a variety of options in terms of rate of interest will be made available to simplify the financing process.”