OREANDA-NEWS. September 13, 2012. Tata Motors has entered into an understanding with J&K Bank for financing its passenger vehicle customers. With this arrangement, J&K Bank will be one of the preferred retail financiers of Tata Motors’ passenger cars.

According to Ramesh Dorairajan, head, retail, channel finance and insurance, Tata Motors, said, "We are happy to be associated with J&K Bank, as we will be able to leverage the vast network of the bank for retail financing. This partnership will also help the bank to further strengthen its position in the retail loan space. We are confident that our growing network will further drive this tie-up.”

SK Bhat, president, J&K Bank, said, "The tie-up with Tata Motors will open new vistas for both, the company and the bank. We want to enhance the car loan finance segment and extend car finance at competitive rates with speedy disposal. We have been among the top performers in passenger car financing and we will extend every possible support to Tata Motors’ customers."

J&K Bank will facilitate eligible customers of Tata cars and utility vehicles with finance at attractive rates across all J&K Bank branches in India. The loan facility will be extended up to seven years with maximum funding.