Tata Motors, Bank of India tie up for Fiat car finance

June 15th, 2009 - 7:47 pm ICT by IANS  

Chennai, June 15 (IANS) Tata Motors has entered into an understanding with Bank of India for financing Fiat cars that are sold through the Tata-Fiat dealer network, the auto major said Monday.
As per the agreement, customers can avail of special interest rates ranging from 9.75 percent to 10.25 percent on loans up to Rs.10 lakh for all Fiat models, including the forthcoming Grande Punto, Tata Motors said in a statement.

Bank of India offers loans for car purchase up to 90 percent of invoice, up to Rs.10 lakh for tenures up to six years.

“This facility will be available at all metro, urban and semi-urban branches of Bank of India and the 100 sales touch points of the Tata-Fiat distribution network,” the statement said.

“We felt that the strong product range from Fiat could be leveraged further with easy financing options for interested customers,” said Subodh Marathe, country head of Tata Motors Fiat product group.

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