17 October Tata Motors on Saturday said it has tied up with HDFC Bank to finance its passenger vehicles. The company has introduced two schemes for financing vehicles under this alliance.
Tata Motors said in a statement that two new schemes ‘Grazuel Step Up Scheme’ and ‘TML Flexi Drive Scheme’ have been introduced in collaboration with HDFC Bank to boost sales and make products easier in the festive season.
The company said that both these plans would be available by the end of November 2020. They can be availed on all cars, sports utility vehicles (SUVs) and electrical vehicles compatible with Bharat Stage-6.
The company said that under the ‘Graduate Step Up Scheme’, consumers can avail the minimum installment of Rs 799 per lakh per month. The EMI will depend on the model and version of the vehicle. Monthly installments will gradually increase for two years according to the buyer’s convenience.
Under the ‘TML Flexi Drive Scheme, consumers can select any of the three months in which they want to pay the minimum installment every year.
The company said that these schemes have been introduced to provide ease to the consumers in filling the installments of the vehicle.
Vivek Shrivats, marketing head (passenger vehicle business), Tata Motors said, “This is part of our drive to make individual vehicles easily available to the public, so that consumers can take advantage of their vehicle in the festive season this year.” ‘
Tata Motors also said in the statement that it is providing the facility of 100 per cent loan to the ex-showroom price on all its passenger vehicles under both these schemes.
