Tata Motors collaborates with Bank of Maharashtra for car financing plan

Automotive giant Tata Motors Limited has reportedly partnered with the Bank of Maharashtra to provide a retail financing plan for its passenger vehicles.

Under the collaboration, the Bank of Maharashtra will offer loans to Tata Motor’s consumers at an interest rate as low as 7.15% in connection with RLLR (Repo Linked Lending Rate), depending on certain conditions, as per the company.

Apart from this, the plan will provide a maximum of 90% financing on the total vehicle cost or on-road pricing for different individuals like self-employed people, salaried employees, businessmen, professionals, and farmers. On the contrary, a maximum of 80% financing can be obtained on the vehicle’s cost by corporate clients, according to the company.

Rajan Amba, the Vice President of Sales, Marketing and Customer Care at the Tata Motors Passenger Vehicles Business Unit, supposedly stated that owing to the consequences of the second wave of the COVID-19 pandemic, the company has always attempted to make affordable personal mobility solutions accessible for families and individuals at beneficial rates.

The collaboration with the Bank of Maharashtra aims at providing special financing plans to bolster the company’s consumers in these unprecedented times. The company hopes that these offers will ease the process of buying a car for consumers and have an optimistic impact on its overall purchasing experience of Tata cars, added Amba.

Hemant Tamta, the Executive Director of Bank of Maharashtra, apparently said that the bank is confident that it can establish a great collaboration and serve its consumers with the best services and products.

Tata Motors supposedly stated the collaboration is also providing its consumers a worry-free alternative of getting their loans approved, without charging any processing fees till September 30 under the Monsoon Dhamaka Offer.

Potential buyers can also avail of a special EMI alternative starting with Rs 1,517 per lakh for seven years.

Source credits:

https://www.moneycontrol.com/news/business/tata-motors-partners-with-bank-of-maharashtra-for-passenger-vehicle-retail-financing-scheme-7340711.html