Tata Motors rolls out new finance schemes to lower initial cost of ownership

The coronavirus pandemic has hit the world hard, both in terms of health and in terms of the economy. It truly has affected most people either directly or indirectly. However, with offices re-opening slowly, the ‘new normal’ is setting in but people need a way to travel to office. Cabs and public transport are still considered high risk while buying a brand new car may not be an expense people want to bear right now. Tata Motors has recognised this need for private mobility and is helping more people access it with flexible finance plans.

The new schemes include an EMI plan for the Tiago starting at Rs 5000 per month for the first six months, then gradually increasing over a maximum of five years. During the end of the tenure, customers can choose between three options — to pay their last EMI in full which will approximately amount to Rs 90,000, return the vehicle to Tata Motors Finance in case of financial difficulty or customers can choose to refinance the EMI. Additionally, Tata Motors is offering 100-per cent on road funding, on all their vehicles. The long tenure EMI schemes of up to eightyears will also help lower their monthly EMI payment amount. The company is offering benefits of up to Rs 45,000 for doctors, healthcare professionals, essential service providers and police, applicable on their entire lineup, excluding the Altroz.

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.”

The need for private mobility will definitely be revived to an extent, whether it is in the form of two-wheelers or four. With companies like Tata Motors offering flexible financing plans, it will make it easier for people to make a necessary purchase in a cash strapped economy.