Vehicle Finance: Tata Motors collaborates with Karnataka Bank

In an effort to boost much needed sales, Tata Motors has collaborated with Karnataka Bank to help customers with vehicle finance. Customers can avail up to 85 per cent loans on the on-road pricing of a Tata Motors vehicle with an interest rate linked to External Benchmark Lending Rate (EBLR).

According to a press release, the loan under the scheme can be availed for a maximum period of 84 months. The carmaker said Tata Motors has signed a Memorandum of Understanding with Karnataka Bank in a joint effort to introduce attractive financing offers for its customers to purchase their favorite Tata car.

Mahabaleshwara MS, Managing Director and CEO of Karnataka Bank, said the partnership with Tata Motors will be another milestone in the bank’s efforts to meet the aspirations of the esteemed customers. He said Tata Motors will now offer preferred financier status to the Karnataka Bank for financing acquisitions of four-wheelers manufactured by the company. “The proposition becomes even more attractive for the customer with Karnataka Bank now offering car loans through an end-to-end digital platform developed in house for existing as well as new customers,” the MD said. “I am sure this partnership will turn out to be a win-win arrangement for both the brands in their future growth journey.”

“Customers can now take advantage of a variety of schemes on their future vehicle purchase available across 857 branches of Karnataka Bank which include 199 semi urban and 67 rural branches, making vehicle buying easy and affordable nationwide,” Tata Motors said. “We are elated to be partnering with Karnataka Bank to introduce attractive finance schemes for our customers. This is an alignment with our constant endeavor to make safe personal mobility solutions more accessible to individuals and families.”

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Rajan Amba, Vice President for sales and marketing at passenger vehicle business unit of Tata Motors, hopes the offers will boost customer morale and make the process of purchasing a car more convenient for all. The scheme can also be availed by customers who are agriculturalists and are owners of farming lands, as well as by Non-Resident Indians (NRIs), amongs others.