Tata Motors, PNB tie up for passenger car financing

The country's largest auto maker, Tata Motors, today joined hands with public sector lender Punjab National Bank (PNB) to provide financing facilities to consumers for its passenger cars.

The company has entered into an understanding with PNB for financing its entire range of passenger cars, Tata Motors said in a statement.

"This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers," the auto maker said adding that the facility would be available at all branches of the bank and 329 sales touch points of Tata Motors.

PNB has pan-India presence with about 4,604 branches, including extension counters spread all over the country, it added.

The lender offers car loans up to 90 per cent of invoice for tenure ranging up to seven years at a rate of 10.5 per cent to 11 per cent.