Tata Motors and Corporation Bank have entered into a joint venture to provide finance to potential car buyers. Corporation Bank has lowered its car loan rates and is now offering loans amounting to 85 per cent of the car’s on-road price at the rate of 11.5 per cent per annum. The loans can be taken for up to five years. Another additional benefit that the customer will enjoy is the greatly reduced processing time of car loan applications, which the bank says will not exceed seven days. 1,073 branches of Corporation Bank and 329 sales touch points of Tata Motors are offering the service.
