TATA Motors on Saturday (17th October 2020) said it has collaborated with HDFC Bank for the financing of its passenger vehicles.
The Company, through its partnership, has introduced two new schemes, “Gradual Step Up Scheme and TML Flexi drive Scheme” with an eye on making its products more accessible and driving up sales in the festive season. The schemes will be available till the end of November 2020 and can be redeemed on the entire new BS-VI range of cars and SUVs along with the company’s EV range, TATA Motors said in a statement.
Under the Gradual Step Up Scheme, Customers can avail of EMI options as low as Rs 799 per lakh per month, depending on the product and variant. The EMIs payments gradually increase over a period of 2 years depending on the payment convenience of the buyer. On the other hand, Flexi Drive Scheme offers the option to the consumer to choose any three months every year, where they can pay a minimum EMI of Rs 789 per lakh per month, depending on the product and variant as per convenience. This aimed at helping map their EMI payment properly so that they can tide over the high outflow easily, giving them the flexibility and power to choose, the company said.
HDFC Bank country head retail lending Arvind Kapil said, “We believe this partnership offers affordable and viable financing solutions, in that regard creating a value proposition for our customers, thereby facilitating the ownership of their dream car.”
“This is in alignment with our constant endeavor to personal mobility solutions more affordable and accessible to individuals and families, while contributing to the joy of this year’s festive season”, Marketing Head of TATA Motors commented.
TATA Motors said it is also providing up to 100 percent ex-showroom financing on the entire PV product range under both schemes.