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Tata Motors ties up with HDFC for financing Passenger Vehicles

Shristi Biswas

20th October 2020

Tata Motors joined hands with HDFC Bank for the financing of its passenger vehicles ahead of the festive season. With this partnership, the company has put forth two new schemes — 'Gradual Step Up Scheme' and 'TML Flexi Drive Scheme' with a purpose of making its products more accessible and driving up sales in this festive season.

Till the end of November 2020, the schemes will be available, and it can be redeemed on the entire new BS-VI range of cars and SUVs along with the company's EV range, Tata Motors said in an official statement. Under the Gradually Set Up Scheme, the customers can avail EMI options as low as ₹ 799 per lakh per month, depending on the variant and the product under the gradual step-up scheme. There's a gradual increase of the EMI payments over a period of 2 years depending on the payment convenience of the buyer, as reported by The Hindu. This scheme will, in a way, help customers to fast track their buying process making personal mobility available to all at pocket-friendly rates.

The TATA logo (Source : The Statesman)

Flexi Drive scheme offers it's consumers the option to choose any three months every year, where one can pay a minimum EMI of ₹ 789 per lakh per month, depending on the product and variant as per consumer's convenience. This aims at helping customers map their EMI payment properly so that they can tide over the high outflow months easily, giving the consumer flexibility and power to choose, the company said in an official announcement.

Vivek Srivatsa, Tata Motors Head – Marketing, Passenger Vehicle Business Unit, according to a report from The Times of India commenting on the collaboration said, "This alignment is in with the constant endeavour to make safe personal mobility solutions affordable and accessible to individuals and families, at the same time contributing to the joy of this year's festive season."

Arvind Kapil, HDFC Bank Country Head – Retail Lending commenting on the joint offers campaign, said, “We believe that this partnership offers our customers affordable and viable financing solutions, in that, creating a value proposition thereby facilitating the ownership of their dream car.” as reported by Business Standard.

Tata Motors also said that it is providing up to 100 per cent ex-showroom financing on the entire Passenger Vehicles product range under both schemes. The post-Tata Motors ties up with HDFC Bank for the financing of passenger vehicles surfaced 1st on Telangana (TL).

(Sources: Tata Motors, Times of India, Business Standard)

Edited by: Ritish

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