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.
(Published 09 December 2009, 15:50 IST)