Tata Motors, India's largest automobile company, has entered into a Memorandum of Understanding (MoU) with the Indian Bank, to finance its cars.

Under the arrangement, customers can avail loans up to 85% of the ''on-road price'', for tenure ranging up to 7 years, at an attractive interest rate of 11.50% p.a. for new Fiat cars of their choice from the Linea, Palio and the recently launched Grande Punto range.

According to an official release, this facility will be available at all 1646 branches of Indian Bank and the 100 sales touch points of the Tata-Fiat distribution network.

Apart from this, the tie-up will also provide consumers a 'single window' for availing loans for both cars i. e. manufactured by Tata Motors as well as Fiat cars, giving the customer a satisfying purchasing experience.

Indian Bank, a Public Sector Undertaking, caters to the needs of industry as well as retail segment. The bank has pan India presence with over 1,646 branches spread all over the country.