Auto major, Tata Motors has inked a Memorandum of Understanding (MOU) with Karnataka Bank in a joint effort to introduce attractive financing offers for its customers to purchase their favourite Tata car.

With this milestone, Customers can now take advantage of a number of schemes on their future vehicle purchase available across 857 branches of Karnataka Bank which include 199 semi-urban and 67 rural branches, making the vehicle buying easy and affordable countrywide.

Loans of up to 85 pc on the on-road pricing of a Tata Motors vehicle are available with an interest rate linked to external benchmark lending rate which will be updated on the bank's website periodically. The tenure of this loan is set at a maximum time-frame of up to 7 years. "This is in alignment with our constant endeavour to make safe personal mobility solutions more accessible to individuals and families, while contributing to the joy of their overall ownership experience," said Rajan Amba, Vice President for sales, marketing and customer service at Tata Motors.

M S Mahabaleshwara, the Managing Director and CEO of Karnataka Bank, said the dreams of many bank customers to own a personal vehicle will now become a reality with this facility. The scheme can also be availed by customers who are agriculturists and are owners of farming lands as well as by non-resident Indians.

Further, the individuals applying for the loan have to be at least 18 years of age and need to be income tax assessees. The scheme can also be availed by customers who are agriculturists and are owners of farming lands as well as by Non-Resident Indians.

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