n an effort to make its safest range of passenger vehicles more accessible in these challenging times, Tata Motors in association with Kotak Mahindra Prime Ltd., one of the leading car finance companies in India, has announced three exciting financing solutions: the Red Carpet, the Prime Vishwas and the Low EMI schemes for urban and rural customer groups (salaried, self-employed, no-income proof), with optional tenor periods, depending on the model. The parameters of these schemes have been simplified to ease the financial burden on customers during the on-going pandemic.
Details of scheme:
|Red Carpet Product||Prime Vishwas Product||Low EMI Scheme|
|For customers with income proofUp to 90% funding on on-road priceLoan tenure up to 7 years No fixed obligation to income ratio(FOIR) for loan up to Rs. 11 lakhAttractive offers for pre-payment and part-payment of loans||For no-income proof customersUp to 90% funding on ex-showroom priceLoan tenure up to 5 yearsSimple assessment criteria based on agriculture land or asset ownership parameters||For self-employed & salaried customersUp to 50% lower EMI – for the first 3 months to reduce the initial burden on customersEMIs starting at as low as Rs. 999 per lakh for the first 3 monthsUp to 80% funding on on-road price|
Furthermore, Tata Motors recently announced that it has put in place a comprehensive ‘Business Agility Plan’ to protect and serve the interests of its customers, dealers, and suppliers for the well-being of its business and supporting ecosystem.
To avail the various finance schemes, customers can reach out to their nearest Tata Motors dealer or through a Kotak Mahindra Prime branch or visit their website https://primeloans.kotak.com/ to register their interest in buying a Tata car.