Tata Motors, India’s leading automotive manufacturer has entered into a strategic tie up with Corporation Bank to offer attractive financing options for the purchase of its passenger vehicles. Mr S. Krishnan, Head — Car Product Group, Tata Motors handed over the MoU to Mr N. R. Shet, Deputy General Manager, Corporation Bank at an event organised by the company in Bangalore. 

As part of the MoU, Corporation Bank will offer finance on easy installments to Tata Motors customers for its Passenger Vehicles. The offer would be through the Bank’s vehicle finance scheme ‘Corp Mobile’. As part of this scheme, the Bank will provide passenger vehicle purchasers finance upto 90 per cent of the cost of the vehicle at a very attractive 9.00 per cent rate of interest for a repayment period up to three years and at 9.50 per cent rate of interest for the repayment period of five years. As a special attraction, Corporation Bank will not charge any service charge for finance under this tie-up scheme. 

Tata Motors dealers will be referring financing requirements of their customers to the nearest identified branches of Corporation Bank. Announcing the tie up with Corporation Bank , stated Mr S. Krishnan, “ Given the increasing trend in car financing, this tie up with Corporation Bank will help us facilitate purchases of our vehicles by making available more attractive and competitive finance packages for our customers.” 

Corporation Bank head quartered in Mangalore has about 756 branches across India with strong presence in the South thus making it possible for consumers across the country to avail this finance Scheme. “We hope that four wheeler aspirants will get the best deal with our present tie-up with Tata Motors Ltd.” stated Mr Shet.

Tata Motors is the second largest player in the domestic passenger car market with a market share of 17.3 per cent. The company’s sales are growing by 28 per cent this fiscal with 2 of its 5 brands being among the top ten selling models in the country.