- Tata Motors and Karnataka Bank sign an MoU to offer financial services
- Customers can avail of loans of up to 85 per cent on the on-road pricing
Tata Motors has signed a Memorandum of Understanding (MOU) with Karnataka Bank in a joint effort to introduce financing offers for its customers. Consumers can now avail of a variety of schemes on their vehicle purchase and they are available across 857 branches of Karnataka Bank, which include 199 semi-urban and 67 rural branches.
As a part of this collaborative initiative, customers can avail of loans of up to 85 per cent on the on-road pricing of a Tata Motors vehicle, with an interest rate linked to External Benchmark Lending Rate (EBLR) that will be updated on the bank’s website periodically. The tenure of this loan is set at a maximum timeframe of up to 84 months.
In addition to the above, the individuals applying for the loan have to be at least 18 years of age and need to be income tax assessees. The scheme can also be availed by customers who are agriculturists and are owners of farming lands as well as by Non-Resident Indians (NRIs). A company/ firm/ trust/ association/ society availing the loan in its name or in the name of its executive/ managing director/ managing partner/ managing trustee/ president/ secretary is also eligible for finance under this program.
Commenting on the partnership, Rajan Amba, Vice President, Sales, Marketing and Customer Service, Passenger Vehicle Business Unit (PVBU), Tata Motors, said, “We are elated to be partnering with Karnataka Bank to introduce attractive finance schemes for our customers. This is in alignment with our constant endeavour to make safe personal mobility solutions more accessible to individuals and families, while contributing to the joy of their overall ownership experience. We hope, that these offers will boost customer morale and make the process of purchasing a car more convenient for all.”