Tata Motors has signed a new pact with Indian Bank to facilitate financing for its passenger vehicle customers ahead of the festive season. Under the agreement, Indian Bank will provide personalized car loans from its more than 5,700 branches across the country for Tata Motors’ range of passenger vehicles.
The company says the partnership will see auto loans with interest rates starting at 7.8% with an option to avail up to 90% PV financing. Customers can repay the loans for up to 7 years and will be able to capture or provide partial payments at no additional cost.
Tata Motors said customers can also sign up for finance options through its dealer network across the country. The Mumbai-headquartered automaker sold 45,197 units in the passenger vehicle segment in June 2022, registering an 87% year-on-year growth from its 24,110 units sold in June 2021. During the same period, the automaker sold 3,507 electric vehicles in the passenger vehicle segment, making it India’s top electric vehicle player.
Ramesh Dorairajan, Senior Managing Director – Network Management and EV Sales, Tata Motors Passenger Vehicles, said: “At Tata Motors, we are delighted to partner with Indian Bank to make passenger vehicles more accessible to individuals and businesses. families. We have always sought to make 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 for our customers and thus add to the excitement of the upcoming holiday season. We are confident that such partnerships will make the car buying process seamless for customers and positively impact their overall Tata car buying experience.
Imran Amin Siddiqui, Executive Director, Indian Bank, “We are delighted to partner with Tata Motors, India’s leading passenger vehicle manufacturer, to offer attractive and easy car financing options to their customers. Indian Bank has a wide presence across the country and we are confident to offer our best services including our digital loan process to Tata Motors customers to fulfill their car ownership aspiration. We are committed to making the auto financing experience more convenient for customers, and a variety of interest rate options will be available to simplify the financing process.