Tata Motors said on Saturday that it has partnered with HDFC Bank for financing of its passenger vehicles. Through the partnership, the company said it has introduced two new schemes: ” Gradual Step Up Scheme” and ” TML Flexi Drive Scheme”, with an eye on making its products more accessible and driving up sales in the festive season.
The schemes will be available till the end of November 2020 and can be redeemed for the new BS-VI range of cars and SUVs, along with the company’s range of electric vehicles, Tata Motors said in a statement.
Under the Gradual Step Up scheme, customers can take advantage of EMI options starting at ₹799 per lakh per month, depending on the product and variant. The EMI payments gradually increase over two years depending on the payment convenience of the buyer, it added.
Flexi Drive scheme offers the consumer the option of choosing three months each year as they can pay a minimum ₹789 per lakh per month, depending on the product and variant as per convenience.
This is aimed at helping customers map their EMI payment properly that they can tide over the high outflow months easily, the company said, giving them flexibility and strength to choose.
Commenting on the collaboration, Tata Motors Head – Marketing, Passenger Vehicle Business Unit Vivek Srivatsa said: “This is in alignment with our constant endeavour to make safe personal mobility solutions affordable and accessible to individuals and families, while contributing to the joy of this year’s festive season.”
“We believe that this partnership offers affordable and viable financing solutions, creating a value proposition for our clients, thus facilitating the acquisition of the car of their dreams,” said Arvind Kapil, Country Head of HDFC Bank
Tata Motors said it is also providing up to 100 per cent ex-showroom financing on the entire PV product range under both schemes.