Tata Motors has joined hands with the Bank of Maharashtra in a bid to offer a retail financing scheme for its passenger vehicles.
As per the alliance, the Bank of Maharashtra will be providing loans to Tata Motors’ customers at an interest rate beginning from as low as 7.15 percent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions, mentioned the company’s official communiqué.
Further, the scheme will be offering a maximum of 90 percent financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturist, stated the communiqué.
The company said that a maximum of 80 percent financing can be availed by the corporate clients on the cost of the vehicle.
Rajan Amba, Vice president, Sales, Marketing and Customer Care, Passenger Vehicles Business Unit, Tata Motors said, “Given the ramifications of the second wave of the pandemic, Tata Motors has always tried to make personal mobility solutions more affordable and accessible for individuals and families at beneficial rates.” The partnership with the Bank of Maharashtra is aimed at offering special finance schemes to support the company’s customers in these tough times, it added.
“We hope that these offers will make the process of purchasing a car that much easier for customers and that this will positively impact their overall buying experience of Tata cars,” Amba said.
Bank of Maharashtra Executive Director Hemant Tamta said, “We are optimistic that we can forge a great partnership and serve our customers with the best products and services.” Tata Motors said the partnership is also offering its customers a hassle-free option of getting their loans approved with zero processing fee till September 30, 2021, under “Monsoon Dhamaka Offer”.
Prospective buyers will also be able to avail of a special EMI option starting with ₹1,517 per lakh for 7 years.