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In a bid to make its New Forever range of passenger vehicles more accessible in these challenging times, Tata Motors, India’s leading automotive manufacturer, has joined hands with Bank of Maharashtra, one of India’s leading public sector banks, to make available the ‘Maha Super Car Loan scheme” to all its customers.
As part of the tie-up, Bank of Maharashtra will provide loans to Tata Motors’ customers at an interest rate starting from as low as 7.15% linked with Repo Linked Lending Rate (RLLR), subject to certain conditions. This scheme will offer a maximum of 90% financing on the total cost of the vehicle (on-road pricing) for various individuals like salaried employees, self-employed people, professionals, businessmen, and agriculturists, whereas a maximum of 80% financing can be availed on the cost of the vehicle by corporate clients.
This partnership is also offering its customers a hassle-free option of getting their loans approved with zero processing fee till 30th September 2021 under “Monsoon Dhamaka Offer”. Customers can get benefit from an easy and quick sanction of loans with no pre/part payment charges. That’s not all, future car owners can also take advantage of a special EMI option starting with Rs.1517/- per lakh for 7 years. In addition to the above, the partnership has laid out a 0.25% concession in the ROI for corporate salary account holders and existing housing loan borrowers.
Commenting on the rollout of these finance scheme offers, Mr. Rajan Amba, Vice president, Sales, Marketing & Customer Care, PVBU, Tata Motors said, “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.”
According to Mr. Hemant Tamta, Executive Director, Bank of Maharashtra,“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.”
Furthermore, Tata Motors also recently announced that it has put in place a comprehensive ‘Business Agility Plan’ to protect and serve the interests of its customers, dealers, and suppliers for the well-being of its business and supporting ecosystem.