Tata Motors have entered into an agreement with another PSU bank for financing its passenger vehicles. This time the automaker has signed pact with the public lender, State Bank of Mysore to provide an added facility of car finance to its customers.
A statement issued by the automaker said, "The Company has entered into an understanding with State Bank of Mysore for financing its entire range of passenger cars."
"This facility will be available at all branches of State Bank of Mysore and 329 sales touch points of Tata Motors. This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for the customers," added the firm.
The bank will provide car loans up to 85 % of the on road price of the car at very competitive rates for tenure ranging up to 7 years.
State Bank of Mysore is a nationalized bank with an all India presence. The bank caters to the needs of both industry and retail segment. It has near about 673 branches spread across the country through which it will disburse loans to the prospective buyers of Tata's vehicles.
The auto maker is on a constant spree of tie ups with the public sector banks in the country.
It has also entered into agreement with some lenders for exclusively financing its Rs1 lakh car, Tata Nano.