Tata Motors Partners with Bank of Maharashtra for Car Loan Scheme

News Highlights

• The Passenger Vehicle range include Tata Tiago, Tigor, Altroz, Nexon, Harrier, & Safari
• Customers can get loans at an interest rate as low as 7.15 percent.
• Customers can get their loans sanctioned with zero processing charges till September 30th.

Tata Motors collaborates with the Bank of Maharashtra to offer the ‘Maha Super Car Loan Scheme’ to all the customers of its Passenger Vehicle(PV) range. Under this partnership, the Bank of Maharashtra will be providing loans to Tata Motor’s customers at an interest rate starting from as low as 7.15 percent linked with Repo Linked Lending Rate (RLLR). The scheme will further offer a maximum of 90 percent financing on the total cost of the vehicle (on-road pricing) for various individuals like self-employed people, salaried employees, businessmen, professionals, agriculturists, and a maximum of 80 percent for corporate clients. 

“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 are pleased to announce our tie-up with the Bank of Maharashtra to offer special finance schemes, to extend our utmost support to our customers in these tough times. 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,” as commented by Rajan Amba, Vice president, Sales, Marketing & Customer Care, PVBU, Tata Motors.

Under this arrangement, customers will have the liberty to get their loans approved with zero processing fee till 30th September 2021 under “Monsoon Dhamaka Offer”. In addition, future car owners can avail of a special EMI option starting with Rs.1517/- per lakh for 7 years. Besides this, the partnership has laid out a 0.25% concession in the ROI for corporate salary account holders and existing housing loan borrowers.

“We are thrilled to be a preferred financier in the personal segment of car finance with M/s TATA Motors Ltd., one of the world's leading automobile manufacturers. Known for our vast network of branches, unique loan features, and brand loyalty, we are optimistic that we can forge a great partnership and serve our customers with the best products and services," as commented by Hemant Tamta, Executive Director, Bank of Maharashtra.

The homegrown automaker has also announced a comprehensive ‘Business Agility Plan'. This plan aims to protect and serve the interests of Tata Motor’s customers, dealers, and suppliers for the well-being of its business and supporting ecosystem. In order to avail of the aforementioned schemes, customers will have to visit their nearest Tata Motors dealers or Bank of Maharashtra bank. Interested customers can also enquire, request a test drive, make bookings, and select their preferred financing option via ‘Click to Drive’ - Tata Motors’ end-to-end online platform. 

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