Vijaya Bank in tie-up With Tata Motors for financing Cars

Country’s leading commercial vehicle manufacturer Tata Motors said it has entered into an understanding with state run Vijaya Bank for financing its range of commercial and passenger vehicles.

As per the agreement the Bank will offer loans for Tata Motors commercial vehicles up to 85 per cent of the on-road cost (including vehicle cost, road tax and insurance), for tenure ranging up to five years, at a rate of 11.25 per cent and for passenger cars the rates will be 8.5 per cent for first year and then 10 per cent for balance four years.

This facility will be available at all the 1,139 branches of the bank and commercial and passenger vehicle dealerships of Tata Motors.

Vijaya Bank will offer loans for Tata Motors’ commercial vehicles up to 85 per cent of the on-road cost, which will include vehicle cost, road tax and insurance, for tenure up to 5 years, at 11.25 per cent and for passenger cars the rates are 8.5 per cent for first year and then 10 per cent for balance 4 years.

Vijaya Bank has pan India presence with about 1,139 branches.