Home / Companies / News /  Tata Motors collaborates with Bank of Maharashtra for car loan scheme

Tata Motors has joined hands with Bank of Maharashtra to offer car loan facilities for its New Forever range of passenger vehicles.

Under the collaboration, Bank of Maharashtra will provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.15 per cent linked with Repo Linked Lending Rate (RLLR), subject to certain conditions.

This ‘Maha Super Car Loan scheme’ will offer a maximum of 90 per cent financing on the total cost of the vehicle (on-road pricing) for salaried employees, self-employed people, professionals, businessmen, and agriculturists. Meanwhile, corporate clients can avail a maximum of 80 per cent financing on the vehicle's cost.

Customers can also get their loans under this scheme approved with zero processing fee till September 30, 2021. Future car buyers can also benefit from, a special EMI option starting at 1,517 per lakh for 7 years.

The Tata Motors-Bank of Maharashtra partnership has also laid out a 0.25 per cent concession in the ROI for corporate salary account holders and existing housing loan borrowers.

Customers can contact their nearest Tata Motors dealership or Bank of Maharashtra branch to avail these schemes.

“Given the ramifications of the second wave of the pandemic, we, at Tata Motors, have always tried to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates… We hope that these offers will make the process of purchasing a car that much easier for customers and that this will positively impact their overall buying experience of Tata cars," said Rajan Amba, Vice president, Sales, Marketing and Customer Care, PVBU, Tata Motors.

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