Tata Motors has signed a retail finance MoU with Bank of India (BOI) to offer finance options to all its passenger vehicle customers.
As part of the tie-up, BOI will provide loans to Tata Motors’ customers at an interest rate starting from 6.85 percent. This scheme will offer a maximum of 90 percent financing on the total cost of the vehicle (Ex-showroom pricing + Insurance + Registration). Customers can also get a benefit of a special EMI option starting with Rs. 1502 per lakh on a 7-year repayment period.
The Bank has also designed certain exclusive features for Tata Motors car buyers availing BOI car finance option which includes Zero processing charges till March 31, 2022, FOIR (Fixed Obligation to Income Ratio) basis which the current liabilities of the customer applying for loan will be capped at 70 percent irrespective of the income slab and a Higher loan amount eligibility for purchasing Tata Cars. These offers will be applicable on the New Forever range of ICE Cars and SUVs as well as on EVs for personal segment buyers across the country.
Rajan Amba, Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit, Tata Motors 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. We hope that these offers will make the process of purchasing our cars much easier for customers and that this will positively impact their overall buying experience of Tata cars.”
Rajesh Ingle, General Manager - Retail Business said “Bank of India’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”.
How to avail the schemes
To avail the above schemes, customers can reach out to their nearest Tata Motors dealer or through the Bank of India branch, register their interest in buying a Tata car.
To know more about offers and car buying options, they can call their nearest dealership or visit https://cars.tatamotors.com/.
Customers can also enquire, request a test drive, make bookings, and select their preferred financing option via ‘Click to Drive’, Tata Motors’ end-to-end online platform, from the comfort and safety of their homes.
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