Tata Motors ties up with Bank of India for vehicle financing

Under the partnership, BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85 per cent, the company said in a statement.

Tata Motors | Representative image

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Tata Motors on Tuesday said it has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. Under the partnership, BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85 per cent, the company said in a statement.

Moreover, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle, which includes insurance and registration, it added.

Customers can also opt for EMI starting with Rs 1,502 per lakh on a 7-year repayment period, the company said.

“This partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season,” Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said.

BOI General Manager – Retail Business Rajesh Ingle said Bank of India has reoriented the banking services with retail customer as focal point by designing products that are aligned to customer needs. BOI General Manager – Retail Business Rajesh Ingle said Bank of India has reoriented the banking services with retail customer as focal point by designing products that are aligned to customer needs.

“Our vehicle loan products with lowest rate of interest is one such product. Bank’s tie-up with Tata Motors will be win-win for customers in the sense that they can access best in class personal mobility solution with the best finance option from Bank of India,” he added.

The offers through the partnership will be applicable on the New Forever range of conventional cars and SUVs as well as on EVs for personal segment buyers across the country, the statement said.