Tata Motors, BOI ink pact to offer passenger vehicles loans

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

Offers to include EV segment

The scheme will offer a maximum of 90% 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 seven year repayment period, according to the company.

Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said that the 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.

The offers 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.

BOI General Manager – Retail Business Rajesh Ingle said Bank of India has re worked the banking services with retail customers as focal point by designing that are aligned to customer needs. Our vehicle loan products with lowest rate of interest is one such product.