Tata Motors ties up with Andhra Bank

Auto maker Tata Motors on Wednesday said it has tied up with public-sector lender Andhra Bank for providing retail finance facilities to its passenger vehicle customers.

“In order to provide an added facility of car finance to its customers,Tata Motors has entered into an understanding with Andhra Bank for financing its range of passenger vehicles,” the company said in a statement.

As per the agreement,finance facilities would be available at the 1,430 branches of the lender as well as 470 sales touch points of the auto maker,it added.

Andhra Bank offers car loans up to 90 per cent of invoice for tenure ranging up to six years at an interest rate of 11.75 per cent. The bank also provides 0.5 per cent concession in interest rates to women customers.