Tata Motors-UBI tie-up for retail finance of passenger vehicles
According to a tie-up between Tata Motors and United Bank of India (UBI), the public sector lender will extend retail finance facility to customers purchasing the passenger vehicles of the bigwig automaker.
As per the terms of the agreement, the Kolkata-based UBI - which has also associated with Tata Motors for the Nano Booking Retail Finance - would be offering car loans to the tune of 90 per cent of the on-road price of the passenger vehicle, for up to six years. The finance facility can be availed by the customers from 1,450 branches of the financial institution, as well as 470 sales touch points of the automaker.
In a statement, the company said: "In order to provide an added facility of car finance to its customers, Tata Motors has entered into an understanding with United Bank of India for financing its range of passenger vehicles."
The Tata Motors-UBI agreement will not only provide a single window for both cars as well as car loans, but would also facilitate the car-purchase process for the prospective buyers.