With the recent surge in the cost of vehicles due to the pandemic, it has been difficult for potential buyers to buy their desired vehicle. It seems like Tata Motors has understood this problem and they have come up with a solution. To make their cars more affordable, Tata Motors has partnered with Sundaram Finance to offer 100% financing options to customers. The financing option is available across Tata’s passenger segment offering in India. This scheme, however, is not applicable for the Nexon EV.
Kisan Car Scheme
As part of Tata’s partnership with Sundaram Finance, customers can avail of loans for up to 6 years, while there is a special ‘Kisan Car Scheme’ with extended repayment options for farmers. According to this scheme, farmers can repay the loan in instalments once every 6 months coinciding with their harvest.
Official Statement – Tata Motors
Commenting on these finance schemes Rajan Amba, the Vice President, Sales, Marketing and Customer Care, Passenger Vehicles Business Unit, said, “We, at Tata Motors, have always been committed to supporting our customers at all times. 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 Sundaram Finance to roll out special finance schemes.” Adding he said, “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. We hope that these offers will boost customer morale and make the process of purchasing a car more convenient.”
Official Statement – Sundaram Finance
Speaking about the partnership with Tata Motors, A N Raju, the Deputy Managing Director, Sundaram Finance said, “Following the lockdown in several states since April, we are now seeing a recovery in the passenger vehicles segment as endorsed by the sales numbers in July. Also with social distancing, we are observing a rise in the demand for ‘personal transport’ over the last 12 months.”
“Car buyers have been looking for an exciting rollout, and the new Forever range fits the bill. Through a lower down payment model and a lower EMI, we are proactively reaching out to the small business owners and making car ownership more affordable thus paving for a safe journey.”