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Tata Motors ties up with Indian Bank for retail finance

Tata Motors ties up with Indian Bank for retail finance
PTI
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First Published: Thu, Mar 19 2009. 01 46 PM IST
Updated: Thu, Mar 19 2009. 01 46 PM IST
New Delhi: India’s largest auto maker, Tata Motors, today said it has tied up with public sector lender Indian Bank for providing financing facilities to its passenger vehicle customers.
“In order to provide an added facility of car finance to its customers, Tata Motors has entered into an understanding with Indian bank for financing its range of passenger vehicles,” the company said in a statement.
As per the agreement, financing facilities would be available at 1,575 branches of the lender and 470 sales touch points of the auto major across the country, it added.
At present Indian Bank offers car loans up to 85% of on-road price for tenure up to seven years at an interest rate of 11.5% per annum.
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First Published: Thu, Mar 19 2009. 01 46 PM IST