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Tata Motors signs MoU with Karnataka Bank to financially support buyers

Shreoshree Chakrabarty January 4, 2021
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A Memorandum of Understanding (MOU) has been signed by Tata Motors with Karnataka Bank to introduce financing offers for its customers to purchase their favourite Tata car*. Including 199 semi-urban and 67 rural branches across 857 branches of Karnataka Bank, customers can now take advantage of a variety of schemes on their future vehicle purchases, making the vehicle buying easy and affordable nationwide.

With an interest rate linked to External Benchmark Lending Rate (EBLR), customers can avail loans of up to 85% on the on-road pricing of a Tata Motors vehicle, under this initiative. The interest rate linked to EBLR will be updated on the bank’s website periodically. A maximum timeframe of up to 84 months, has been set for this loan.

Mr. Rajan Amba, Vice President, Sales, Marketing and Customer Service, Passenger Vehicle Business Unit (PVBU), Tata Motors said, “We are elated to be partnering with Karnataka Bank to introduce attractive finance schemes for our customers. This is in alignment with our constant endeavour to make safe personal mobility solutions more accessible to individuals and families, while contributing to the joy of their overall ownership experience. We hope, that these offers will boost customer morale and make the process of purchasing a car more convenient for all.”

According to Mr. Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank“This partnership with Tata Motors will be another milestone in our efforts to meet the aspirations of our esteemed customers to fulfil their dream of owning world-class products from Tata Motors. Tata Motors will now offer preferred financier status to our bank for financing acquisition 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, enabled with faster processing capabilities primarily envisioned for greater customer delight. The dreams of many of our customers to own a personal vehicle will now become a reality with this facility and I am sure this partnership will turn out to be a win-win arrangement for both the brands in their future growth journey.”

Individuals of or above 18 years of age and who is an income tax assessee can apply for the loan. Non-Resident Indians (NRIs), as well as agriculturists owning farming lands, can also avail this scheme. The eligibility for finance under this program is also extended to a company/ firm/ trust/ association/ society availing the loan in its name or in the name of its executive/ managing director/ managing partner/ managing trustee/ president/ secretary.

In the present Indian vehicle market, Tata Motors has the youngest and the safest range of passenger vehicles. Their design, safety and performance have been lauded on all the products under its New Forever range of cars. Including the recently launched Harrier 2020 and the Altroz, the Company is witnessing visible demand and growth in bookings for all ‘New Forever’ range of cars and UVs. The market share has increased by 7.8% (YTD) with the rising demand for these products.

More information is available on cars.tatamotors.com.

Certain criteria issued by the Karnataka Bank needs to be checked and qualified in order to avail the benefits. Please visit – www.karnatakabank.com, for more details on scheme details.

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