The Mumbai-based automobile manufacturing company Tata Motors has introduced an affordable EMI offer for its passenger segment cars, amidst the downfall in purchase hit due to the second wave of Covid-19 pandemic in India.
The automaker will provide a financing offer called ‘Step Up’, under which customers purchasing any range of the passenger segment cars in the Indian market shall be given a special low EMI offer for the first 3-6 month period.
Tata Motors also states that using this offer, the LTV or Loan to Value ratio on the ex-showroom price of expensive car models, like Harrier, Safari will shoot upto 85%.
Tata Motor Partners with IndusInd Bank
The special low EMI offer provided by Tata Motors, comes as the Mumbai-based automaker partners with the Pune-based IndusInd Bank.
“The recent COVID-19 upsurge has impacted everyone, and to help our passenger car family in these challenging moments, we are delighted to be partnering with IndusInd Bank to roll out special finance schemes”,” says Ramesh Dorairajan, Head Network Management and Trade Finance, Passenger Vehicles Business Unit at Tata Motors.
Through this association, Tata Motors will offer different financing and incentive options, making it more affordable for customers.
It has been reported that the EMI payment amounts for the initial 3-6 months will remain at low rates and this does not require any income proof.
Besides low EMI rates, the Step Up offer will also permit customers to avail flexible tenure options, ranging from one to one to seven years’ period, depending upon the model and variant purchased.
Under this scheme, customers buying any Tata Motors’ passenger car can EMI options starting as low as Rs 834 per lakh per month, again depending upon the model purchased.
As mentioned above, while the LTV ratio offered for Tata Motors’ expensive line of passenger vehicle can go as high as 85%, the same for its lower priced models like Tiago, Nexon or Altroz will display an LTV of upto 90%, states Carwale.
“These innovative financial schemes aim at not only reducing the burden on the customer’s wallet during these tough times but also allow them to prioritize commuting in a hygienic, safe and comfortable environment. We take pride in joining hands with Tata Motors to roll out these schemes,” states TA Rajagoppalan, executive vice president, passenger vehicles, IndusInd Bank.
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