Tata Motors ties up with HDFC Bank for financing of passenger vehicles

Tata Motors on Saturday said it has collaborated with HDFC Bank for financing of its passenger vehicles.

Through the partnership, the company said it has introduced two new schemes -- 'Gradual Step Up Scheme' and 'TML Flexi Drive Scheme' with an eye on making its products more accessible and driving up sales in the festive season.

The schemes will be available till the end of November 2020 and 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 a statement.

Under the Gradual Step Up scheme, customers can avail EMI options as low as Rs 799 per lakh per month, depending on the product and variant. The EMI payments gradually increase over a period of 2 years depending on the payment convenience of the buyer, it added.

Flexi Drive scheme offers the option to the consumer to choose any three months every year, where s/he can pay a minimum EMI of Rs 789 per lakh per month, depending on the product and variant as per convenience.

This is aimed at helping customers map their EMI payment properly so that they can tide over the high outflow months easily, giving them the flexibility and power to choose, the company said.

Commenting on the collaboration, Tata Motors Head - Marketing, Passenger Vehicle Business Unit Vivek Srivatsa said, "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."

HDFC Bank Country Head - Retail Lending Arvind Kapil said, "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."

Tata Motors said it is also providing up to 100 per cent ex-showroom financing on the entire PV product range under both schemes.