The ongoing COVID19 pandemic has badly impacted most of the sectors of the market, including automobiles. As a result, many carmakers, including Tata Motors have witnessed a huge decline in demands for new vehicles. So, in an effort to encourage prospective customers in these challenging times and increase sales, Tata Motors has partnered with Kotak Mahindra bank and introduced three new finance options, namely the Red Carpet, the Prime Vishwas, and the Low EMI schemes. These finance schemes are targeted for different customer profiles like salaried, self-employed, no-income proof. Here are the details: –
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– Starting with the Red-Carpet Scheme, it is mainly for customers with income proof. And interestingly, there is no fixed obligation to income ratio (FOIR) for loans of up to Rs 11 lakh. Under this scheme, prospective buyers can avail of up to 90% funding on the on-road price of their preferred Tata car for a loan tenure of up to 7 years. Besides, Tata is also offering some kinds of benefits for pre-payment and part-payment of loans.
– The Prime Vishwas Scheme is for customers with no income proof. Under this scheme, the loan assessment will be done based on agricultural land or ownership asset. Buyers can get up to 90% funding on ex-showroom price for a tenure of up to 5 years.
– As the name suggests, the Low EMI scheme allows customers to avail up to 50% low EMI (EMIs starting at as low as Rs 999 per lakh) for the first 3 months to reduce the initial burden on customers and access up to 80% on-road funding. Both salaried and self-employed buyers can avail of these offers.
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To get benefits from these above-mentioned finance schemes, customers can reach out to their nearest Tata Motors dealer or a Kotak Mahindra Prime branch or visit their official website to register their interest.
In other updates, Tata Motors is also offering various offers on their select models with maximum benefits up to Rs 65,000. Click here for details.
