Tata Launches Finance Scheme with EMI starting at Rs 4999
2020 was supposed to bring a new era to the automobile industry with its launch of BS6 vehicles. But With almost negligible sales during the COVID era, the carmakers received a huge hit in terms of sales. With all the businesses being affected, thousands of people are losing their jobs worldwide and the world economy has gone under chaos. The recovering car sector will also have a huge impact of the pandemic until the world goes back to normal. This viral-apocalypse May interfere with the buyer's spending capacity, affecting demand and production. The rental car market and public transport, as well as taxi services, will take a huge hit because of this virus.
Even with the economic constraints, reports suggest a rise in sales of two-wheelers as well as family hatchbacks in coming months as a result of new social distancing norms. Keeping that in mind, a lot of the carmakers have tied up with various banks for easy loans. Carmakers have also come up with flexible financial aid for new car buyers. One such financial scheme involves paying lesser EMI for the first few months and constant EMI until the end of the term.
The Financial Scheme:
Tata has not increased the price of any of its cars due to this pandemic. The car retains the same costs they had just after the launch. Tata Motors has also announced the 'Keys to Safety' initiative to provide safer cars for all, amidst the pandemic to help maintain social distancing norms. Tata has focused on Easy financing, affordable EMIs with long tenure loans and special offers for frontline warriors.
The Tata scheme involves a simple EMI scheme that starts at Rs. 4,999 for the Tiago and Rs. 5,999 for Tigor across all dealerships. This low-cost EMI is for first 6 months on a 5-year loan of Rs. 5 lakh & Rs. 6 lakh respectively which will gradually increase over the tenure.
Tata has also included a few value-added benefits as follows:
- Customers can choose to pay their last EMI in full which approximately values to Rs. 90,000 on a loan of Rs. 5 Lakhs, and take full ownership of the vehicle.
- Customers are also given an option to return the vehicle to financing partner, Tata Motors Finance in case of any financial difficulty. Customers can also choose to refinance this final EMI.
- Tata Motors will also be offering 100% on-road funding on its entire range of cars and SUVs.
- Customers can also choose from a long tenure EMI plan that will last for up to 8 years hence lowering the amount of monthly EMIs.
Apart from these, Tata also offers special benefits on cars and SUVs of Tata Motors for frontline warriors against coronavirus like doctors, healthcare professionals, essential service providers and police. This specific offer is available on every Tata car except for Altroz.
With regards to 'Keys to Safety', Mr Vivek Srivatsa, Head, Marketing, Tata Motors Passenger Vehicles Business Unit said, “At Tata Motors, we manufacture cars that are proudly Indian with international quality, design and safety. In the current times, with safety as the top priority, customers are seeking personal mobility options that are affordable and convenient to avail. Accordingly, we have designed this package to offer choice and enhance their entire experience of owning and driving our entire range of cars & SUVs."
Apart from Tata, other carmakers have also been offering very attractive financial schemes for new car buyers. The financial aid could help bring the automobile industry to its former glory even during the pandemic.
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