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Tata Motors partner with Bank of Maharashtra for passenger vehicle retail financing scheme

Tata Motors, India's largest automaker, said on Monday that it has teamed up with the Bank of Maharashtra to offer a retail financing plan for its passenger vehicles. According to a statement from Tata Motors, the Bank of Maharashtra would give loans to Tata Motors clients at interest rates as low as 7.15 percent, pegged to the Repo Linked Lending Rate (RLLR), subject to certain circumstances.

Furthermore, for various persons such as salaried employees, self-employed people, professionals, business people, and agriculturists, the Programme would provide up to 90% financing on the entire cost of the car (on-road pricing). Corporate clients, on the other hand, may get up to 80% financing on the cost of the car, according to the business.

"Given the ramifications of the second wave of the pandemic," Tata Motors Passenger Vehicles Business Unit Vice President, Sales, Marketing, and Customer Care Rajan Amba said, "We, at Tata Motors, have always tried to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates." It stated that the cooperation with the Bank of Maharashtra is aimed at providing customized credit packages to help the company's clients through these difficult times.

"We expect that these incentives will make the process of buying a car easier for clients and that this will have a good influence on their overall Tata automobile buying experience," Amba added. "We are hopeful that we can create a wonderful collaboration and offer our clients with the greatest goods and services," said Bank of Maharashtra Executive Director Hemant Tamta. Under the Monsoon Dhamaka Offer, Tata Motors claimed, "the collaboration is also giving its clients a hassle-free option of having their loans authorized with zero processing charge until September 30, 2021."

Under the "Monsoon Dhamaka Offer," Tata Motors stated the collaboration is also providing its clients with a hassle-free option to have their loans authorized with no processing charge till September 30, 2021. Prospective customers may also take advantage of a unique 7-year EMI option beginning at Rs 1,517 per lakh.

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