Karnataka Bank has inked a memorandum of understanding (MoU) with Tata Motors for financing vehicle loans for their customers. The Bank has released a press note on Friday and according to the press note, Tata Motors has teamed up with Karnataka Bank on vehicle loans. This would mean that  hassle free processing of loans would be there for Karnataka Bank customers. Therefore, the customer of this bank can go ahead and apply for any car (from Tata Motors) and avail attractive loans on the car with less formalities.

The attractive loan offers include Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). Under CGTMSE, no collateral security or guarantor is required to avail loans. The press note has also mentioned that there are over 500 Karnataka Bank branches in the state and Tata Motors touch point in the state are over 700.

BangaloreWishesh spoke to a few customers of Karnataka Bank as soon as this note was received and they expressed their happiness. One Thimmaiah, a customer of Karnataka Bank for quite sometime, said he would now get his dream vehicle for reasonable interest rates.

(AW Phani)