Tata Motors Finance

Tata Motors is the largest automobile company in this part of Asia. The company has grown in a big way in recent years and has embarked on expansion and acquisition programs. As part of it, Tata Motors has also strengthened and expanded on its finance wing Tata Motor Finance that provides for loan and financing options to the customers buying Tata Motors automobiles.Tata Motorfinance (TMF) is the automobile financing wing of Tata Motors.

It was launched in June 2003 and provides for loans on various segments of company automobiles like passenger cars, utility and commercial vehicles along with construction equipments. The company that has grown into most of the Indian cities along with a significant presence in some of the foreign markets too, today boasts of 109 branches in 22 Indian states.

Some of the terms associated with the Tata Motorfinance are as follows:

• Car financing/loan options available for customers belonging to different categories
• The repayment period varies to the tune of 36 months-84 months
• The interest paid on the loans are on the lower end
• Finance on passenger and commercial vehicles on all Tata vehicles and Fiat models Palio and Adventure include top up loans, used vehicle finance, loan takeover and refinancing
• The paperwork is limited and the financing company's representative can be called even at home to complete the formalities, including calculating the likely Equated Monthly Installment (EMI) that the customer might have to pay.

Some of the usual eligibility criterion for opting for TMF finance is as mentioned:

• Minimum age of 21 years
• Minimum employment/business of one to two years
• Maximum age at the time of loan maturity 60-70 years, depending upon the category of auto finance
• Proof of identity, address and income
• The finance is provided on the basis of customers existing asset details, category of automobile to be financed and past financial record of the customer, if any
• The TMF finance schemes are of three types namely, Standard Equated Monthly Installment Scheme, Staggered Scheme and Advance EMI Scheme.