09 Jul , 2021 By : Kanchan Joshi
NEW DELHI: Tata Motors Ltd, one of the country’s largest automakers, on Friday announced a host of incentives to push sales of its passenger vehicles in collaboration with IndusInd Bank, a private lender. The company launched a similar set of measures last year when the economy was gradually unlocked since May after a strict nationwide lockdown.
As part of the partnership with IndusInd Bank, Tata Motors will provide the ‘Step Up’ scheme where the customers can choose and buy from the safest range of passenger cars in the country, with a special low EMI option scheme for the first 3-6 months.
“Under the Step Up scheme, customers can now avail EMI options starting as low as Rs834/- per lakh per month, depending on the scheme and the products at an attractive interest rate. As per the scheme, the EMI payments will remain lower for a period of 3-6 months depending on the convenience of the buyer. This will be provided with non-income proof funding and flexible tenor options ranging from one to seven years depending on the product and variant," Tata Motors said in a statement.
It further added that on purchase of vehicles like Harrier, Safari or Tigor a loan to value (LTV) of up to 85% on the ex-showroom price will be offered while the purchase of less expensive vehicles like Tiago, Nexon or Altroz will be available for an LTV of 90%.
“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. This is in alignment with our constant effort to fast track the availability of safe personal mobility solutions to individuals and families at pocket-friendly rates," said Ramesh Dorairajan, head network management and trade finance, passenger vehicles business unit.
“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 commute in a hygienic, safe and comfortable environment. We take pride in joining hands with Tata Motors to roll out these schemes," said T.A. Rajagoppalan, executive vice-president, passenger vehicles, IndusInd Bank.
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