Faced with sales in the slow lane in current times, Tata Motors on Wednesday announced a slew of financial offers to attract prospective customers towards Tiago, Nexon and the newly-launched Altroz. The highlight of these offers is a ‘6-month EMI holiday’ scheme.
Under this scheme, the owners of the above-mentioned cars will only need to pay the interest amount for the first six months of their loan tenure. This new finance scheme also offers customers to avail zero down payment and access up to 100% on-road funding for a loan tenure of five years.
The company has further informed that this offer is being made available through a partnership with Karur Vysya Bank (KVB), to eligible salaried and self-employed persons only. Apart from these, in its endeavor to make safe personal mobility solutions more affordable and accessible to individuals and families, and help maintain norms of social distancing, Tata Motors is also offering affordable, step-up EMIs on long tenure loans of up to 8-years through its association with multiple financing partners.
Under the above-mentioned offer, customers can now avail loans with EMIs starting with Rs 5,555 for Tata Altroz premium hatchback, Rs 7499 for Nexon SUV and Rs 4,999 for Tiago entry-level hatchback. Apart from this, customers can also enquire, request a test drive, make bookings and select their preferred financing option via the recently launched ‘Click to drive’, an end-to-end online platform from the comfort and safety of their homes.
Additionally, test drives are being offered on demand at the customer’s preferred location. To maintain social distancing, only one person drives the vehicle with a dealer staff member sitting in the rear seat to avoid any physical contact. Following every test drive, the vehicle is fully sanitised including replacing protective covers shielding the interiors of the vehicle that come in contact while driving.
Tata Motors’ latest financial offerings form a part of multiple such schemes being announced by car makers in the country to give some impetus to demand. Weeks of lockdown in March, April and May sent sales figures crashing while June only provided an iota of relief. Industry experts believe that rural markets will be able to perform better than urban centers but the prospect for the passenger vehicles segment remains shrouded in gloom.