Tata Motors’ special finance scheme for Nano

Tata Motors’ special finance scheme for Nano

Mumbai: In a bid to push-up sales, Tata Motors, on Wednesday announced a special finance scheme by which a customer will get a loan in 48 hours, for its small car Nano.

Tata Motors Finance (TMF) will provide finance up to 90% for the Nano, at easy rates. TMF, which provides customer finance for all Tata Motors vehicles, is present in all the 540 passenger vehicles outlets of the company, Tata Motors said in a statement here.

Last week, the company announced a four-year or 60,000 kilometre manufacturing warranty on its small car Nano to woo customers.

“The Tata Nano will now come with a four-year/60,000 km (whichever is earlier) manufacturer’s warranty, at no extra cost. Besides being applicable on new deliveries, the warranty is also being extended to all existing owners of the car," the company said.

The company had said all new Nano customers will have an option to avail a comprehensive maintenance contract at Rs99 per month.

“These benefits will further enhance the satisfaction of Tata Nano users," it said.

From a sale of 9,000 units in July, Nano deliveries fell in every following month and touched a low of 509 units in November. Sporadic incidents of the small car catching fire has made it difficult for the company to push Nano sales, despite a number of assurances through various campaign initiatives.

Tata Motors earlier this month had asked Nano buyers to bring back their cars to add safety devices free of cost to prevent the vehicles from catching fire but insisted it was not a recall.

Even after registering 85% fall in sales at just 509 units in November this year, Tata Motors claimed that customer satisfaction with the small car is high.

“Customer satisfaction studies with current Tata Nano owners indicate that over 80% are satisfied or very satisfied with the car, because of it being small yet spacious, its performance, manoeuvrability, durability, mileage and safety," the company said.

Tata Motors has made the Nano even more robust, as announced on 9 November, with enhanced features in the car’s electrical and exhaust systems. All new cars being delivered to customers come with these enhanced features. Parallely, existing owners are being offered the option to install these in their cars, at no extra cost, it said.

Since August this year, the company has already begun open sales of the Tata Nano and it is already freely available in 12 states. Retail sales have substantially increased in the first five states of open sales, it said.

Besides its already existing showrooms, the company is setting up Special Nano Access Points for customers in the hinterlands to experience, test-drive or test-ride the car, Tata Motors said.

Gradually expanding these reach-out initiatives, coupled with customer benefits, Tata Motors will cover the entire country with open sales by March 2011, it said.