Tata Motors Partners With Bank Of India To For Car Financing

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.

Also Read: Tata Punch Petrol Variants Explained - Which One To Buy?