In order to facilitate its customers with additional service of car finance, automobile major Tata Motors has entered an agreement with State Bank of Patiala to finance its full range of passenger vehicles.
As per the pact, prospective buyers of Tata's vehicle will get vehicle financing facility available all branches of State Bank of Patiala and 329 sales points Tata Motors.
In a press release, Tata Motors said that the PSU bank will offer the car loans up to 85% of on-the-road price. The loan will be extended for tenure ranging up to seven years and at a "very competitive" rate of interest, said Tata.
"This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers," said the auto maker.
Recently Tata Motors have entered into an agreement with other PSU banks for similar financing scheme. Others that have signed pact include Punjab National Bank, Bank of India, Corporation Bank and Central Bank of India.