Tata Motors partners HDFC Bank for passenger vehicle retail loans

Mumbai-headquartered Tata Motors has announced its collaboration with HDFC Bank to introduce finance offers for its passenger vehicle customers. The company says the initiative is in a bid to make its products more accessible and provide attractive finance schemes during the festive season.

Tata Motors says it has introduced 2 new schemes in association with HDFC Bank - the Gradual Step Up Scheme and the TML Flexi Drive scheme. The OEM says the schemes will be available till the end of November 2020, these offers can be redeemed on the entire new forever BS VI range of cars and SUVs along with the company’s EV range.

Under the Gradual Step Up scheme, customers can avail EMI options starting at Rs 799 per lakh per month, depending on the product and variant at an attractive interest rate. The EMI payments gradually increase over a period of 2 years depending on the payment convenience of the buyer.

For the TML Flexi Drive scheme, the customer has an option to choose any 3 months every year, where he/she can pay minimum EMI (Rs 789/- per lakh per month), depending on the product and variant as per their convenience. The scheme will help the customer map their EMI payment properly so that they can tide over the high outflow months easily, giving the customer the flexibility and power to choose.

Commenting on the roll out of these finance scheme offers, Vivek Srivatsa, head - Marketing, Passenger Vehicle Business Unit, Tata Motors said, “We are humbled to be partnering with HDFC Bank to roll out exciting offers for our customers. This is in alignment with our constant endeavour to make safe personal mobility solutions more affordable and accessible to individuals and families, while contributing to the joy of this year’s festive season. We hope, that these offers will boost customer morale and make the process of purchasing a car more convenient, thereby allowing them to truly celebrate the festivities with their friends and families.”

Arvind Kapil – country head, Retail Lending, HDFC Bank said, "At HDFC Bank, the objective is to offer the very best in class products and services to our customers. We are extremely excited to be partnering with Tata Motors, this festive season, which is just around the corner and stay committed to bringing in attractive and never before finance offers via our Festive treats platform. We believe this partnership offers affordable and viable financing solutions, in that, creating a valuable proposition for our customers, thereby facilitating the ownership of their dream car”

In addition, the company says it is also providing up to 100% ex-showroom financing on the entire PV product range under both schemes.