Karur Vysya Bank (KVB) on Thursday announced its partnership with Tata Motors Limited. The duo has come together to provide attractive financing offers to its customers.
KVB’s new financing offer is eligible for both old and new customers. The partnership offers special terms for Tata Motors passenger vehicles, under which, 100 per cent on-road funding with a six-month holiday period is provided at attractive interest rates, along with repayment period up to 60 months.
Both salaried and self-employed customers are eligible for this loan. The new scheme is applicable only for three models i.e. Tata Tiago, Tata Nexon and Tata Altroz.
Along with KVB’s branch network of 779 branches across 22 states and union territories, the bank also leverages the vast car retail network of Tata Motors across India.
The ongoing pandemic situation due to COVID-19, followed by the nationwide lockdown, has deeply impacted the passenger vehicle industry sales in Q1FY21. Such a partnership with special loan terms is likely to revive sales by attracting customers.
The stock of Karur Vysya Bank was trading at Rs 35.3 with a growth of 1.58 per cent while Tata Motors was trading at Rs 104.9 with a decline of 0.52 per cent at around 12.28 pm on BSE.