Tata Capital cuts auto loan rates to 10.5 per cent for October

Tata Capital, a part of the Tata Group, today announced the introduction of auto loans at as low a rate as 10.5 per cent, besides special waiver of processing and foreclosure charges, in order to attract festival buyers.

Accordingly, Tata Capital will make available auto loans to customers at an attractive interest rate of 10.5 per cent plus a special waiver on processing and foreclosure charges. The offer will be available till 31 October on all fresh auto loan proposals, the company said in a release.

These rates would cover all brands of new and used cars, the company said. Besides, Tata Capital is offering discounts on processing fee and foreclosure charges on fresh proposals.

The company had recently embarked on a new initiative called Consumer Finance and Advisory Business (CFAB) - an integrated sales and service structure which dovetails all consumer finance and advisory products and services into a single network. Through CFAB, Tata Capital will offer a diverse mix of retail offerings in the areas of consumer loan products and financial advisory services, including auto loans.

"While taking an auto loan seems simple enough, people are often left wanting for relevant advise and available finance options. Our well trained advisory team will empower our customers with accurate information to help them take informed decisions," Jamshed Daboo, head - CFAB, Tata Capital Limited, said.

Tata Capital is also planning an aggressive expansion of its network across all critical geographies of the subcontinent. In the first phase of expansion, which is targeted to be completed by December 2009, the company plans to cover 71 cities through a chain of over 120 branch offices. These touch-points will offer a diverse mix of retail offerings in the areas of consumer loan products and investment advisory services. These include home loans, auto loans, personal loans, education loans, loans against property, financial advisory services and equity trading.

The company caters to the diverse needs of retail, corporate and institutional customers, directly or indirectly through CFAS, including commercial and infrastructure finance, securities business, investment banking and private equity.

Tata Capital, a subsidiary of Tata Sons Limited, is a non-deposit accepting non-banking financial company, said it would provide quick and hassle-free way of getting an Auto Loan across its offices across leading markets in India.