Tata Motors, India’s automotive manufacturer, has become the OEM of choice for Bandhan Bank to sign a retail finance MoU, offering exciting finance options to all its passenger vehicle customers.
As part of the tie-up, Bandhan Bank is said to provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.50%. This scheme is said to offer a maximum of 90% financing on the total on-road cost of the vehicle. Customers can also enjoy the benefit of special EMI options with a repayment tenor of up to 7 years.
The Bank has also designed certain exclusive features for Tata Motors car buyers availing the car finance option which includes zero charges on foreclosure and part payment. These offers will be applicable on the New Forever range of ICE cars and SUVs as well as on EVs for personal segment buyers across the country.
Commenting on the association, Mr. Rajan Amba, Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit, Tata Motors said, “We, at Tata Motors, have always aimed to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates. We are delighted to join hands with Bandhan Bank and this partnership is a part of our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to take ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season. We hope that these offers will make the process of purchasing our cars much easier for customers and that this will positively impact their overall buying experience of Tata cars.”
According to Mr. Kamal Batra, Head Assets, Bandhan Bank, said, “We are pleased to partner with Tata Motors as preferred financier for car loans. With this association, we are hopeful to leverage the extensive reach of both brands in rural, semi-urban and urban markets and enable many Indians to fulfill their dreams of owning their personal vehicles. With zero part payment and foreclosure charges and at competitive pricing, Bandhan Bank car loans will appeal to the target markets. This tie-up is evidence of the Bank’s ongoing endeavor to partner the needs of emerging India.”