Tata Motors signs up Bank of Maharashtra for passenger vehicle financing

Bank of Maharashtra will provide loans to Tata Motors' customers at an interest rate starting 7.15 per cent.

Homegrown auto major Tata Motors on Monday said it has partnered with Bank of Maharashtra to offer retail financing scheme for its passenger vehicles.

Under the partnership, Bank of Maharashtra will provide loans to Tata Motors' customers at an interest rate starting from as low as 7.15 per cent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions, the company said in a statement.

Besides, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturist, it added.

On the other hand, a maximum of 80 per cent financing can be availed on the cost of the vehicle by corporate clients, the company said.

Tata Motors Passenger Vehicles Business Unit Vice president, Sales, Marketing and Customer Care Rajan Amba said, "Given the ramifications of the second wave of the pandemic, we, at Tata Motors, have always tried to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates."

The partnership with Bank of Maharashtra is aimed at offering special finance schemes to support to 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 can also avail of a special EMI option starting with Rs 1,517 per lakh for 7 years.