Last Updated on Nov 15, 2021 by Manonmayi
Tata Motors and the Bank of India (BOI) have signed a retail financing Memorandum of Understanding (MoU) to provide finance options to all of its passenger vehicle customers. As part of the agreement, BOI will offer Tata Motors’ clients loans with interest rates as low as 6.85%. This scheme will provide up to 90% financing on the vehicle’s total cost (Ex-showroom pricing + Insurance + Registration).
Customers can also take advantage of a unique EMI option that starts at Rs. 1,502 per lakh over a 7-yr repayment period. The bank has also designed some exclusive features for Tata Motors’ car buyers who use the BOI car finance option. These features include zero processing charges until 31 March 2022, FOIR (Fixed Obligation to Income Ratio) basis, where the current liabilities of the customers applying for a loan are capped at 70% regardless of income. Additionally, a higher loan amount eligibility for purchasing Tata cars as well. These discounts will be available on Tata Motors’ whole range of ICE cars and SUVs, as well as EVs for personal sector buyers across the country.
Tata Motors have always sought to make personal mobility more affordable and accessible for individuals and families at beneficial prices. Tata Motors’ partnership with the Bank of India is in line with its #FinancEasy Festival. This is where they are collaborating with multiple finance partners across India to make car ownership accessible and a hassle-free process for customers. Through these offers, they hope to make the process of purchasing Tata cars much easier for customers.
The Bank of India expressed that they have redesigned banking services with the retail client in mind. They are creating products that are tailored to their needs. One such product is their vehicle loan with the lowest interest rate. The partnership with the bank and Tata Motors is a win-win for customers since they will have access to the best in class personal mobility solution as well as the best credit choice from the Bank of India.
