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Leading auto major Tata Motors on Wednesday (February 18) joined hands with public sector lender Central Bank of India to provide retail finance facilities to its passenger vehicle customers. In a statement to the media, Tata Motors said that the company has associated with the Central Bank so as to offer added facility of car finance to its customers.
Under the Tata-Central Bank understanding, the prospective buyer will get the facilities at all the 3,500 branches of the bank as well as at the 329 sales touch points of the auto maker. According to Tata Motors, the tie-up with Central bank will make car buying easier for customers.
According to the company, at present Central Bank of India provides auto loans up to 85 percent of the on-road price of the vehicle, for a tenure ranging up to seven years. The bank charges interest rate of 10.5 percent for a 36-month tenure and at 11.5 percent for a period over 36 months. Earlier, the auto major had also tied-up with another public sector lender Corporation Bank to provide financing facilities for its passenger vehicles.
