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

Under the arrangement, customers can avail loans up to 90% of the ''on-road price'', for tenure ranging up to 7 years, at an attractive interest rate of 11% p. a. for new Fiat cars of their choice from the Linea, Palio and the recently launched Grande Punto range.

This facility would be available at all 2,735 branches of Bangalore headquartered Canara Bank and the 100 sales touch points of the Tata-Fiat distribution Network.

According to an official release, this facility will be available at all 2,735 branches of Bangalore headquartered Canara 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.