India's largest automobile company, Tata Motors has entered into an alliance with Bank of India for financing Fiat cars.

Subodh Marathe, country head (Fiat Product Group), Tata Motor, said, "Tata Motors has always been at the fore-front of introducing multiple customer centric initiatives. We felt that the strong product range from Fiat could be leveraged further with easy financing options for interested customers. Bank of India with its great reputation is a perfect partner to kick start this drive."

As agreed, under the scheme, Bank of India will avail car loans at rate of 9.75 to 10.25 percent for amount up to 90 percent of the invoice and up to a maximum amount of Rs 10 lakhs on Fiat cars. The loan will be offered for a maximum tenure of six years. The customers can avail this facility at any metro, urban and semi-urban branch of the bank.

Customers can avail these special interest rates from a range of Fiat cars which include Linea, Palio and the ‘Grande Punto', which will be soon launched by the company. The cars are available via country-wide Tata-Fiat distribution network comprising of 100 sales touch points.

Tata Motors, the largest automobile company in India has an industrial joint venture with Fiat (India). The company is leader in the commercial vehicles segment and amongst the top three market players in the passenger vehicle segment in the country. Earlier, the company inked a pact with public sector Union Bank of India for financing its range of passenger vehicles.

Established in 1906, Bank of India is one of the largest public sector banks in India. The bank pioneered the health code system used for evaluating the credit portfolios. It has international presence with about 3021 branches in India spread over all states/ union territories including 136 specialised branches.