In a bid to revive demand for its vehicles, Tata Motors announced the launch of a novel financing offer on its popular brands Tiago, Nexon and Altroz.
Customers can now make zero down payment, avail a six-month EMI holiday (only interest needs to be serviced monthly) and access up to 100 per cent on-road funding for a loan tenure of five years.
This offer is being made available through a partnership with Karur Vysya Bank.
Tata Motors is also offering affordable, step-up EMIs on long-tenure loans of up to eight years through its association with multiple financing partners.
For ₹5,555 as starting EMI, you can now drive home the 5-star GNCAP safety rated premium hatchback Altroz. Popular SUV Nexon and hatchback Tiago are also available for EMIs starting at ₹7,499 and ₹4,999, respectively.
Other car makers are also introducing finance schemes to encourage customers to buy their vehicles.
Hyundai Motor India Ltd, for example, has rolled out five customer-centric schemes through various financial institutions. Customers can opt for low EMIs for the first three months and the balance amount in equal EMIs on loans with a tenure of three, four or five years.
In another scheme, customers can opt to pay a low EMI of ₹1,234 per lakh in the first year on a loan with a seven-year tenure. From the second year onwards, the EMI would increase by 11 per cent every year, till the end of the loan tenure. This scheme is valid for all Hyundai models.
Mahindra & Mahindra is also offering a scheme wherein buyers can purchase the vehicle on finance but pay EMI in 2021.
The finance option would have a built-in moratorium of 90 days.