Vijaya Bank to be preferred financier for Tata Motors
December 11, 2009‐ Bangalore, India
Vijaya Bank and Tata Motors have signed a memorandum of understanding making the former the designated banker and the preferred financier for the commercial and passenger vehicles that are manufactured by Tata Motors. The bank will offer a finance of up to 85% of the vehicle cost.
The finance also includes the on-road cost of the vehicle which includes the actual vehicle cost, road tax and insurance. The interest rate for commercial vehicles for tenure of up to 5 years will be 11.25 per cent and for passenger cars, the rate will be 8.5 per cent for first year and 10 per cent for balance 4 years.
Vijaya Bank, a public sector bank, has a strong network of 1,139 branches spread across India. Prospective Tata Motors customers can walk in to any of the branches to get the needful information for the vehicle financing.
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