Tata Motors consumers can avail car finance from this bank

Tata Motors on Wednesday has announced that it has joined hands with Bandhan Bank for passenger vehicle finance. Under this partnership, the Tata Motors customers will be able to avail passenger vehicle loans at 7.5 per cent, the homegrown automaker has said in an official statement.

The automaker also announced that the vehicle loan scheme will offer a maximum of 90 per cent financing on the total on-road cost of the vehicle. As Tata Motors said, the consumers will be able to avail benefits of special EMi options with repayment period of up to seven years, zero charges on foreclosure and part payment etc.

Tata Motors hopes that these offers will make the process of purchasing Tata cars much easier for the customers and that this will positively impact their overall buying experience as well.

Speaking about the partnership for vehicle financing, Rajan Amba said that this tie up is a part of the automaker's #FinancEasy Festival, wherein the auto OEM is collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season.

Meanwhile, Tata Motors has announced a price hike for its entire passenger vehicle portfolio. The price of the Tata Motors' passenger vehicles will be dearer from January 2022. The homegrown auto manufacturer has not specified the range of the price hike though.

The carmaker said that the price hike was necessary as the production cost of vehicles have been increasing due to rising raw material costs.

This was not the first time Tata Motors has increased price of its cars in recent times. In 2021, the automaker increased price of its cars multiple times owing to the rising raw material costs. Even before announcing the latest price hike, Tata Motors had increased the prices of some of the variants of its three-row SUV Safari.