Mumbai: Tata Motors has entered into an understanding with the Union Bank of India to provide an added facility to Tata Motors’ dealers for funding of their purchases of the company’s cars and utility vehicles.
With this arrangement, UBI will be one of the preferred channel financiers of Tata Motors, a press release said on Wednesday.
Tata Motors, TML Distribution Company Ltd, a wholly-owned subsidiary of Tata Motors, and UBI have mutually agreed to pool their resources together to make accessible organised finance at competitive rates to the Tata Motors dealers across the country, the release said.
UBI’s wide range of banking services and financial products include finance for purchase of vehicles.
UBI has a large network of over 2,650 branches across the country.