In bid to boost tepid sales, Tata Motors announces '6-month EMI holiday' scheme

Faced with sales in the slow lane in current times, Tata Motors on Wednesday announced a slew of financial offers to attract prospective customers towards Tiago, Nexon and the newly-launched Altroz. The highlight of these offers is a '6-month EMI holiday' scheme.

Tata Motors has announced that customers can now drive off in a new vehicle without the need to make any down payment and can avail six months of no EMI payment - only interest needs to be serviced monthly. The company has further informed that customers can also access 100% on-road funding for a loan tenure of five years, an offer made available through its partnership with Karur Vysya Bankk (KYB).

Apart from these, Tata Motors has said it is also offering steup-up EMIs on long-tenure loans of up to eight years in association with numerous finance partners. Altroz, for instance, can be bought at a starting EMI of ₹5,555. The starting EMIs for Tiago and Nexon are at ₹4,999 and ₹7,499, respectively.

The company is also extending test drive facilities at customers' preferred location and underlines that all safety, health and hygiene protocols are being adhered to.

Tata Motors' latest financial offerings form a part of multiple such schemes being announced by car makers in the country to give some impetus to demand. Weeks of lockdown in March, April and May sent sales figures crashing while June only provided an iota of relief. Analysts see rural markets to perform better than urban centers but the prospect for the passenger vehicles segment remains shrouded in gloom.

(Note: It is advised to check company website and with financial institutions for exact details of all financial offers and for all terms and conditions)