New Delhi: Tata Motors Tuesday said it has entered into a tie up with J&K Bank Ltd for financing its passenger vehicle customers.
With this arrangement, J&K Bank will be one of the preferred retail financiers of Tata Motors' passenger car business, the company said in a statement.
Commenting on the partnership, Tata Motors Head (Retail, Channel Finance & Insurance) Ramesh Dorairajan said: "We are happy to tie-up with J&K Bank as we will be able to leverage the vast network of the bank for retail financing".
J&K Bank President S K Bhat said, the tie-up with Tata Motors will open new vistas for both the partners.
"We want to enhance the car loan finance segment and extend the car finance at competitive rates with speedy disposal. We have been among top performers in passenger car financing and we will extend every possible support to Tata Motors' customers," he added.
As part of the tie-up, J&K Bank will provide loan facility of up to seven years, with maximum funding to eligible Tata Motors customers, it added.