Tata Motors has signed a retail finance MoU with Bank of India to offer attractive finance options for its passenger vehicle customers. As part of the tie-up, Bank of India will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85 percent.
The scheme will offer a maximum of 90% financing on the total cost of the vehicle (ex-showroom pricing + insurance + registration). Customers also benefit from a special EMI option starting with Rs 1,502 per lakh on a 7-year repayment period.
The financial institution has also designed certain exclusive features for Tata Motors car buyers availing car finance option which includes zero processing charges till March 31, 2022, FOIR (Fixed Obligation to Income Ratio) basis which the current liabilities of the customer applying for loan will be capped at 70 percent irrespective of the income slab and a higher loan amount eligibility for purchasing Tata Cars.
The offers are available on the ‘New Forever range’ of ICE Cars and SUVs as well as on EVs for personal segment buyers across the country.
Rajan Amba, VP – 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.”
Rajesh Ingle, general manager - Retail Business, Bank of India said, “Our vehicle loan products with lowest rate of interest is one such product. Our 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 options from Bank of India”.