Tata Motors has tied up with Bank of India for financing its passenger cars. According to the press release from the company, the new arrangement will offer a single window for both cars as well as car loans which will provide a better opportunity for the customers to purchase the cars.
Bank of India offers car loans upto 90 percent of the invoice value for loans up to Rs. 10 lakh for a period of 6 years. The interest rate offered by the bank is 10.25 to 10.75 percent. This facility will be available at all metro, urban and semi-urban branches of Bank of India and 329 sales touch-points of Tata Motors, the release said.
