source :BL :Manu P. Toms:Mumbai, Dec. 21
You can now walk into the showroom, collect a Nano and pay the first instalment the next month.
In a bid to increase the car's sales, Tata Motors is now facilitating a zero down payment option.
Sources said that the 100 per cent finance scheme has been operational for sometime and will go on till December-end.
A Tata Motors spokesperson said that the company proposed this option for Nano to the financiers. “Yes, there is zero down payment option. It depends on the profile of the customer too. Tata Motor Finance is already offering it. We just suggested this to others as well. It is up to the financiers to offer 100 per cent financing,” he said.
14% interest
Tata Motors Finance charges 14 per cent interest for the 100 per cent loan scheme. A sales executive at one of the Mumbai dealerships said customers have to only make a payment of Rs 20,000 for RTO charges and insurance.
If customers make a down payment of approximately Rs 40,000, then there is scope to reduce the interest rate even further.
The decline in Nano sales to three-digit figures has triggered a host of marketing initiatives.
On the product front, Tata Motors now offers additional safety features and a four-year warranty, while at the financing end it offers fast-track processing of applications and lower interest rate.
More selling outlets
As for retailing, the company started open sales in 12 States and it will extend to all States by March. Plans are on to open 1,000 selling outlets in the short term
