Union Bank of India (UBI) signed a Memorandum of Understanding (MOU) with Tata Motors for financing their commercial vehicles in India. The bank will provide loan up to 85% to eligible borrowers on merit for a maximum tenure of 5 years at a very competitive rate of interest.
After the agreement, UBI will provide an added facility to Tata Motors’ dealers for funding of their purchases of the company's vehicles. The bank has also become a preferred channel financier for Tata Motors.
At present, the bank has a network of over 2,650 branches spread across the country.
