Tata Motors Ties Up With HDFC Bank To Offer Financing Options

The partnership has led to the introduction of two finance options for buyers

• Tata Motors has tied up with HDFC Bank and introduced two finance options for buyers: Gradual step-up and TML flexi drive schemes.

• The two schemes are valid on all Tata cars including the Nexon EV.

• Under the first finance option, customers can avail a low EMI of Rs 799 per lakh, depending on the product and variant, at a special rate of interest. The EMIs will increase gradually over a period of two years.

• The second scheme allows customers to choose any three months every year when they are required to pay an EMI of Rs 789 per lakh, depending on the product and variant.

• Customers can also grab up to 100 percent ex-showroom funding on all Tata models including the Altroz and Harrier.

• They can avail a loan for a tenure of up to 5 years under these financing offers.

Here’s a detailed look at the official press release from the carmaker:

Tata Motors Passenger Vehicles Business joins hands with HDFC Bank to provide exclusive Festive financing offers to its customers

Key Highlights:

·   EMI per lakh per month starting as low as Rs. 799/- at attractive rate of interest

·   Flexible EMI options available

·   Enjoy up to 100% ex-showroom funding on the entire PV range

·   Loan tenure of up to 5-years

·   Schemes available on all passenger vehicles

Mumbai, October 17, 2020: Tata Motors, India’s leading automotive brand, in collaboration with HDFC Bank has rolled out exciting finance offers for its passenger vehicle customers. In a bid to make their products more accessible while contributing to the enthusiasm of this year’s festive season, the Company has introduced 2 new schemes in association with the Bank - the ‘Gradual Step Up Scheme’ and the ‘TML Flexi Drive’ scheme. Available till the end of November 2020, these offers can be redeemed on the entire New Forever BS VI range of cars and SUVs along with the company’s EV range.

Details of the schemes:

Scheme 1 - Gradual Step Up Scheme

Under this scheme, customers can now avail EMI options as low as INR 799/- per lakh per month, depending on the product and variant at an attractive interest rate. As per the scheme, the EMI payments gradually increase over a period of 2 years depending on the payment convenience of the buyer. This scheme will help customers fast track their buying process, in turn making personal mobility available to all at pocket friendly rates.

Scheme 2 – TML Flexi Drive

According to the Flexi Drive scheme, the option to the consumer is to choose any 3 months every year, where he/she can pay minimum EMI (INR 789/- per lakh per month, depending on the product and variant) as per his/her convenience. The above scheme will help the customer map their EMI payment properly so that they can tide over the high outflow months easily, giving the customer the flexibility and power to choose.

Commenting on the roll out of these finance scheme offers, Mr. Vivek Srivatsa, Head of Marketing, Passenger Vehicle Business Unit, Tata Motors said, “We are humbled to be partnering with HDFC Bank to roll out exciting offers for our customers. This is in alignment with our constant endeavour to make safe personal mobility solutions more affordable and accessible to individuals and families, while contributing to the joy of this year’s festive season. We hope that these offers will boost customer morale and make the process of purchasing a car more convenient, thereby allowing them to truly celebrate the festivities with their friends and families”.

Commenting on the joint offers campaign, Mr. Arvind Kapil, Country Head, Retail Lending, HDFC Bank said, "At HDFC Bank, the objective is to offer the very best in class products and services to our customers. We are extremely excited to be partnering with Tata Motors, this festive season, which is just around the corner and stay committed to bringing in attractive and never before finance offers via our Festive treats platform. We believe this partnership offers affordable and viable financing solutions, in that, creating a valuable proposition for our customers, thereby facilitating the ownership of their dream car”.

Adding to the above, the Company is also providing up to 100% ex-showroom financing on the entire PV product range under both schemes. Furthermore, to avail these offers, customers can reach out to their nearest Tata Motors dealer or through an HDFC Bank branch and register their interest in buying a Tata car.

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