Tata will fast-track loans of up to 90 percent to buyer of its Nano minicar

Article by Christian A., on December 17, 2010

Tata Motors Ltd. recently said it will fast-track loans of up to 90 percent to the buyer of its Nano minicar through its vehicle financing arm Tata Motors Finance.

A Tata Motors statement said Tata Motors Finance will provide the loans within 48 hours against verifiable documents for Nano, which was deemed the world's cheapest small car at $2,500 at the time of its launch in April 2009.

The financing offer follows a clutch of benefits recently announced, including a four-year warranty on the Nano and a maintenance contract option for INR99 a month (about $2), amid plummeting sales.

Nano's sales in November 2010 dropped 85 percent from a year earlier to an all-time low of 509 units despite an expanding auto market, hurt by safety concerns following reports of some financing difficulties and spontaneous fires.

In December 2010, the India-based Tata Motors said financing had been an issue as car loan providers often rejected the profile of two-wheeler owners for car purchases.

The price of the Nano has also risen to about $3,342 for the base model, only $2,062 less than the base model of the Alto, India's best-selling minicar from market leader Maruti Suzuki. [via autonews - sub. required]

Topics: tata, tata nano, city car

If you liked the article, share on:

Pin It

Comments

Recommended

Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 2017
Lamborghini has officially offered clear proof that the Huracán Performante was able to set a new record at the Nürburgring Nordschleife with a time of 6:52.01 It was in early...
by - March 25, 2017
Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries