Tata Motors’ launches special finance scheme for Nano

Tata Motors’ launches 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 within 48 hours loan 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.

The move may help boost Tata Nano’s flagging popularity, as sporadic incidents of the small car catching fire has made it difficult for the company to push Nano sales.

Despite a number of assurances by the company through various campaign initiatives, the number of units sold has declined from 9,000 units sold in July to the low of 509 units sold in November.

Last week, the company had 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.

Besides, it had said all new Nano customers will have an option to avail a comprehensive maintenance contract at 99 per month. “These benefits will further enhance the satisfaction of Tata Nano users," it said.

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.

The company even after registering 85% fall in sales at just 509 units in November this year, claimed that customer satisfaction with the small car was 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," it said.

It added that 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 and that all new cars are being delivered to customers with these enhanced features.

Parallely, existing owners are also being offered the option to install these in their cars, at no extra cost, the company said.