Tata Motors has entered into an understanding with Punjab National Bank for financing its range of passenger cars, in order to provide an additional car finance facility to its customers.
Punjab National Bank offers car loans up to 90 per cent of invoice, for tenure ranging up to 7 years, at a very competitive rate of 10.5 per cent to 11 per cent, a Tata Motors release said.
PNB, one of the largest public sector banks in the country, has pan-India presence with about 4,604 branches, including extension counters spread all over the country.
This facility will be available at all 4,604 branches of PNB and 329 sales touch points of Tata Motors. This tie-up will provide a single window for both cars as well as car loans and will make car buying easier for customers.