The public sector lender Jammu and Kashmir Bank and Tata Motors have entered into a collaboration to provide car loans to the latter's customers. The loans will be provided for a period of up to seven years with maximum amount of financing to the eligible customers of Tata Motors.

Tata Motors issued a statement to this effect, according to which with the introduction of the new arrangement the Srinagar based bank will be the preferred partner of the car maker for providing car financing to customers of its passenger car business.

Talking about the partnership, Mr. Ramesh Dorairajan, Head - Retail, Channel Finance & Insurance, Tata Motors said, "We are happy to tie-up with J&K Bank as we will be able to leverage the vast network of the bank for retail financing."

President of J&K bank, Mr. S.K. Bhat said "We want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal. We have been among top performers in passenger car financing and we will extend every possible support to Tata Motors' customers."