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Tata Motors brings in six-month EMI holiday scheme on select models

Under the scheme, customers can now make zero down payment, avail a six-month EMI holiday (only interest needs to be serviced monthly) and access up to 100 per cent on-road funding for a loan tenure of five years, Tata Motors said in a statement.

By: PTI | New Delhi | July 8, 2020 3:50:59 pm
The logo of Tata Motors Ltd. is displayed on a Tata Safari Storme sport-utility vehicle (SUV) on display inside the Prabhadevi Concorde Motors India Ltd. dealership in Mumbai, India. (Image source: Bloomberg)

Tata Motors on Wednesday said it has introduced financing scheme for Tiago, Nexon, and Altroz under which customers can avail six-month EMI holiday.

Under the scheme, customers can now make zero down payment, avail a six-month EMI holiday (only interest needs to be serviced monthly) and access up to 100 per cent on-road funding for a loan tenure of five years, Tata Motors said in a statement.

“This offer is being made available through a partnership with Karur Vysya Bank (KVB) to eligible salaried and self-employed persons,” it added.

The automaker said it is also offering affordable, step-up EMIs on long-tenure loans of up to eight years through its association with multiple financing partners.

Reeling under the COVID-19 impact, the Mumbai-based auto major saw its domestic sales plummet by 61 per cent to 14,571 units in April-June quarter as against 36,945 units in the corresponding period last year.

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