- Offers up to 90 per cent on road funding
- Interest rate starting from 6.85 per cent
- Nil processing charges till 31 March 2022
In an effort to ease passenger vehicle buying experience, Tata Motors has signed a retail finance MoU with Bank of India (BOI) to offer attractive financing options to all its passenger vehicle customers. As a part of the partnership, BOI will provide loans at an interest rate as low as 6.85 per cent.
Interestingly, customers can avail of zero processing charges till 31 March, 2022, FOIR (Fixed Obligation to Income Ratio) basis which the current liabilities of the customer applying for loan will be capped at 70 per cent irrespective of the income slab and a higher loan amount eligibility for purchasing Tata Cars. The offers are applicable on the new forever range of ICE cars, SUVs, and EVs for personal segment buyers. Interestingly, the scheme offers a maximum of 90 per cent financing on the total cost of the vehicle (ex-showroom pricing + insurance + registration). Moreover, customers can also enjoy the benefit of special EMI option starting at Rs 1,502 per lakh on a seven-year repayment period.
Commenting on the occasion, Rajan Amba, Vice President, Sales, Marketing and 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. We hope that these offers will make the process of purchasing our cars much easier for customers and that this will positively impact their overall buying experience of Tata cars.”
Adding to it, Rajesh Ingle, General Manager, Retail Business, said, “We, at Bank of India have reoriented the banking services with retail customer as focal point by designing products that are aligned to customer needs. Our vehicle loan products with lowest rate of interest is one such product. Bank’s Tie-up with Tata Motors will be win-win for customers in the sense that they can access Best in class personal mobility solution with the Best finance option from Bank of India.”
