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Tata Announces new Finance Plans for Passenger Vehicles

Written by Nayak

In collaboration with Kotak Mahindra Prime Ltd., Tata Motors introduces three financing solutions for its range of passenger vehicles. This aims to enable customers with more accessible options in these unprecedented times. All three financial scheme options are curated for different customer profiles. This collaboration will also enhance the customer ownership experience for Tata Motors.

The automotive sector has been hard hit in terms of sales figures amidst this pandemic. Now that the cases show a decreasing trend, automotive firms are coming up with various lucrative schemes to kick start the sales again. Tata Motors also expect that this financial offering will help to garner sales in the coming months.

Financial Solution Available For Different Customer Profile

Under this collaboration, as mentioned, there are three financial solutions: Red Carpet, Prime Vishwas, and Low EMI scheme.

Red Carpet Product

This financial solution is best suited for customers with valid income proof and provides up to 90 per cent funding on the on-road price. Customers availing of this scheme can get loan tenure for up to 7 years. There’s also no fixed obligation to income ratio for loans up to INR 11 lakh for the convenience of the customers. Tata Motors is also providing attractive offers for prepayment and part-payment of loans.

Prime Vishwas Product

For the customers with no-income proof, Prime Vishwas is the best-suited financial scheme. This scheme also offers funding up to 90 per cent of the ex-showroom price. The loan tenure, in this case, is up to 5 years. There will be one single assessment criteria based on agricultural land or asset ownership parameters.

Low EMI Scheme

This scheme will be favourable for the self-employed and salaried customers. Customers can pay 50 per cent lower EMI for the initial three months to reduce the initial burden. For the convenience of the customers, the EMI starts from as low as INR 999 per lakh for the initial three months. In this financial scheme, customers can avail of funding up to 80 per cent on the on-road price.

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