In order to facilitate retail finance solutions for its customers to boost sales, Tata Motors announced its partnership with Karnataka Bank on Monday. The Memorandum of Understanding (MoU) signed by Tata Motors with Karnataka Bank will introduce attractive financing offers to its customers making it easier for them to purchase their favourite Tata car.
A variety of schemes advantageous to the customers will be made available across 857 branches of Karnataka Bank which include 199 semi-urban and 67 rural branches, making vehicle buying easy and affordable nationwide.
Under this collaboration, customers will be able to avail loans of up to 85% on the on-road pricing of a Tata Motors vehicle with an interest rate linked to External Benchmark Lending Rate (EBLR), which will be updated on the bank’s website periodically. The loan under the scheme can be availed for a tenure of seven years.
“We are elated to be partnering with Karnataka Bank to introduce attractive finance schemes for our customers. This is in alignment with our constant endeavor to make safe personal mobility solutions more accessible to individuals and families. We hope that these offers will boost customer morale and make the process of purchasing a car more convenient for all,” said Rajan Amba, Vice President for Sales, Marketing and Customer Service at Tata Motors.
Mahabaleshwara MS, Managing Director & CEO of Karnataka Bank was also elated with this partnership since the dreams of many bank customers to own a personal vehicle will now become reality.
The scheme will also be available to the customers who are agriculturists and are owners of farming lands as well as by Non-Resident Indians (NRIs).