Tata Motors on Saturday announced that it has collaborated with HDFC Bank for financing of its passenger vehicles. The carmaker has introduced two new schemes 'Gradual Step Up Scheme' and 'TML Flexi Drive Scheme' in order to drive up sales this upcoming festive season.
The company says that the new schemes will be valid only till the end of November 2020 and will be available throughout the new BS 6 range of cars and SUVs.
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Its new 'Gradual Step Up' allows a customer to go for EMI options as low as ₹799 per lakh per month. This of course, depends upon the product and variant selected. The EMI payment increases over a period of 2 years depending on the payment convenience of the customer.
The Flexi Drive scheme allows the customer an option to choose any three months every year, where it can pay a minimum EMI of ₹789 per lakh per month, ofcourse, depending on the product/variant as per convenience.
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 more affordable and accessible to individuals and families, while contributing to the joy of this year's festive season."
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The new schemes have been aimed at helping the customers map their EMI payments properly and balance their finances during the high outflow months easily, the company said.
HDFC Bank Country Head - Retail Lending Arvind Kapil said, "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."
Moreover, the company announced that it is also providing up to 100% ex-showroom financing options on the entire PV product portfolio under both the newly announced schemes.
(With inputs from PTI)