Tata Motors has now made car loans easier to get at least for the customers of Karnataka Bank. The Indian carmaker has signed a memorandum of understanding with Karnataka Bank to provide easy car loans to the bank's customers. Karnataka Bank has released a press release in this regard.
Karnataka Bank customers can avail finance to buy Tata Motors' products under the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) scheme. The bank has also stated that no guarantee or collateral security would be mandatory for car loans.
Easy car loans are a rarity to find in recent days. With high interest rates customers are worried about approaching banks. The banks on their part are also slightly worried due to instances of non repayment of car loans. This has resulted in higher costs too.
With the Mangalore based Karnataka Bank signing a deal with Tata Motors at least people wanting to buy Tata vehicles can be rest assured of getting a hassle free car loan. Karnataka Bank's General Manager for Credit-Retail Finance Division signed the MoU with Ramesh Durairajan of Tata Motors.
Karnataka Bank and Tata Motors will soon announce the details about the car loan schemes that they are going to offer. We can expect some amazing schemes from them as Tata Motors would want to boost its sales at a time when the car market is heading towards a slowdown.