Tata Motors has entered into an understanding with Vijaya Bank for financing its range of commercial and passenger vehicles, a company statement said here.
Vijaya Bank will offer loans for Tata Motor’s vehicles up to 85 per cent of the on-road cost, for tenure ranging up to 5 years, at a competitive rate of 11.25 per cent and for passenger cars the rates are 8.5 per cent for first year and then 10 per cent for balance four years.
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