Tata Motors Partners With Bank Of India To For Car Financing
Tata Motors have tied up with the Bank Of India to offer attractive financing options for their passenger car customers.
The notable highlights of the scheme include:
Maximum finance up to 90% on-road funding (Ex-Showroom + Insurance + Registration)
Rate of interest (ROI), starting from as low as 6.85% (depends on credit score and vehicle segment)
EMI starting from Rs.1502/- per lakh for a loan tenure of up to 7 years
Zero processing charges till 31st March 2022
This partnership will allow customers to take loans from the Bank Of India for interest rates starting from as low as 6.85%. This could help potential passenger car customers to avail long term loans for a lower interest amount. The typical interest rates on car loans from major lenders are hovering between 7.0 and 10.0% per annum.
Moreover, this scheme will allow customers to take a loan on a maximum of 90% of the cost of the vehicle. This cost includes the ex-showroom cost + insurance + registration. This will allow customers to own a vehicle by paying just 10% of the cost of the vehicle as a down payment.
Considering the higher-than-expected price tag of the Tata Punch, this loan offer will help potential customers of the mini SUV with lowering the financial burden while purchasing the car.