Tata Motors has entered into a tie-up with Corporation Bank in order to offer its customers added facility of car financing, especially for the passenger vehicles segment.
The bank has lowered its car loan rates and will now offer loan upto 85 per cent of the vehicle's on road price for a tenure ranging upto five years at a rate of 11.75 per cent per annum.
The bank will even process the loan applications within seven days.
The facility will be available at all the 1,073 branches of Corporation Bank and 329 sales touch points of Tata Motors.
This tie-up will help provide a single window for both car as well as car loans with both organisations jointly conducting sales promotion activities, informed a press release from the Tata Motors.