In a move towards positive development, Tata Motors has introduced a host of EMI and finance options for its compact hatchback- Tiago, Premium hatchback- Altroz and compact SUV- Nexon. This move comes after the manufacturer witnessed a steep decline in demand in the post lockdown phase. For these easy finance options, tata has tied-up with Karur Vysya Bank.
Easy Finance Scheme
With the introduction of the latest schemes, potential Tata buyers will have flexibility in payment options with following attractive options at their disposal-
- Up to 100% on-road funding available with zero down payment.
- Buyers also get the convenience of availing a 6-month EMI holiday program.
- Both salaried and self-employed buyers will be entitled to availing these benefits offered on Tiago, Altroz, and Nexon.
- Step-up EMI structure scheme on offer, with starting monthly EMI of ₹4,999, ₹5,555, and ₹7,499 on Tiago, Altroz, and Nexon respectively.
- The EMI schemes are valid on long term loans of up to 8 years.
Author's Take
Due to the COVID-19 lockdown, the company has faced a tough time. Still, when the lockdown is in the unlocking phase, companies are struggling to put up decent sales figures. Hence, corporations are working on the introduction of easy finance & EMI schemes that encourage buyers to buy a vehicle.
This move from Tata has been preceded by similar flexible schemes from Maruti Suzuki (tie-up with Axis Bank), Hyundai (tie-up with HDFC Bank). Even some of the two-wheeler companies have stepped up providing the convenience of opting for flexible payment schemes like, Buy now-pay later.