Tata Motors has entered into an agreement with Vijaya Bank according to which the bank would provide loans for financing of the purchase of vehicles manufactured by Tata Motors.
As per the memorandum of understanding, signed by Tata Motors and Vijaya Bank, Vijaya Bank will offer loans for Tata Motors’ commercial vehicles up to 85 per cent of the on-road cost. The on-road cost includes vehicle cost, road tax and insurance. The loans are offered for a tenure of up to five years, at an interest rate of 11.25 per cent. For passenger cars, the loan is offered at an interest rate of 8.5 per cent for the first year and then 10 per cent for the remainder of the five-year tenure.
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