Tata Motors has entered into a partnership with the United Bank of India for financing the company's range of commercial vehicles to provide an added facility of finance to its customers.
As per the partnership, the United Bank of India will offer loans for Tata Motors' commercial vehicles to both existing and new transport operators up to 90% of the cost of vehicle (including chasis, body, insurance and registration), for a tenure ranging upto 5 years.
The company said that no collateral security will be required on funding upto INR10 lakhs ($1m) for cases done under CGTSME.
The facility will be available at all 1,555 branches of the bank and commercial vehicle dealerships of Tata Motors.
Tata Motors, through its subsidiaries and associate companies, has operations in the UK, South Korea, Thailand and Spain.