Tata Motors, Indian leading auto manufacturers have entered into an agreement with J&K Bank yesterday to offer quick, easy and timely financing schemes throughout their range of passenger vehicles. Through this arrangement the bank has become a preferred financer for Tata Motors specifically dealing in their passenger car division.
This union will serve to benefit both parties to the extent that J&K Bank will be able to strengthen their position in retail loans segment. Financing will be offered through their entire network of banks in the country. J & K Bank have been top performers in the auto financing industry and together with Tata Motors will be setting the stage for even more development in the future.
Tata Motors will be able to enhance their car loan finance segment and extend car finance to their customers in a time bound manner with least amount of paperwork besides keeping a control on the rates of interest. J&K Bank will be offering customers of all Tata cars and SUVs interest with attractive rates of interest for a period of upto 7 years.
India auto news release: Tata Motors partners with J&K Bank for car financing
Tata Motors has entered into an understanding with J&K Bank Ltd., for financing its passenger vehicle customers. With this arrangement, J&K Bank Ltd. will be one of the preferred retail financiers of Tata Motors’ passenger car business.
According to Mr. Ramesh Dorairajan, Head Retail, Channel Finance & Insurance, Tata Motors, “We are happy to tie-up with J&K Bank as we will be able to leverage the vast network of the bank for retail financing. This partnership will also help the bank to further strengthen its position in retail loan space. We are confident that our growing network will further drive this tie up.”
Mr. SK Bhat, President, J&K Bank, said, “The tie-up with Tata Motors will open new vistas for both, the company and the bank. We want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal. We have been among top performers in passenger car financing and we will extend every possible support to Tata Motors’ customers.”
J&K Bank will facilitate eligible customers of Tata cars & UVs with vehicle financing, at attractive rates, across all J&K Bank branches, in India. The loan facility will be extended up to 7 years, with maximum funding.