19/03/2009,The Tribune
Ahead of the launch of the world's cheapest car later this month, Tata Motors have roped in banks and several of its dealerships apart from other outlets to mobilise applications for the Nano, according to sources.
As per the plan that is still being given the finishing touches, those looking to buy the Nano may pick up application forms priced at around Rs 300 and submit them at various branches of the State Bank of India. Under a finance scheme being put together by Tata Motors and SBI, applicants may have to pay Rs 40,000 as application money while the rest of the amount would be in the form of a loan from the bank.
The loan would be disbursed by the bank on allotment of the car to the applicant. Officials of Tata Motors and SBI are still working out the interest chargeable on the loan. Sources say, interest charged on the loan would be slightly on the higher side from the 10.5 to 11 per cent being charged for auto loans. However reports say, SBI may charge as much as 14 per cent on the loan. According to analysts, the risk profile of those applying for the Nano is on the higher side since a lot of them would be upgrading from two-wheelers. Tata Motors expect a long waiting list for the Nano and deliveries could stretch for months, according to officials. As many as four crore people have sought details about the Nano from the Tata Motors' website, according to sources.
The first Nanos will be displayed at Tata Motors dealerships from March 23 and bookings will open from April. The basic model of the Nano will be priced at Rs 1 lakh ex-factory while air-conditioned models would cost around Rs 1.25 lakh.
Production is expected to begin from Uttarakhand and Pune even as the factory in Gujarat is getting ready, according to sources.
Ahead of the launch of the world's cheapest car later this month, Tata Motors have roped in banks and several of its dealerships apart from other outlets to mobilise applications for the Nano, according to sources.
As per the plan that is still being given the finishing touches, those looking to buy the Nano may pick up application forms priced at around Rs 300 and submit them at various branches of the State Bank of India. Under a finance scheme being put together by Tata Motors and SBI, applicants may have to pay Rs 40,000 as application money while the rest of the amount would be in the form of a loan from the bank.
The loan would be disbursed by the bank on allotment of the car to the applicant. Officials of Tata Motors and SBI are still working out the interest chargeable on the loan. Sources say, interest charged on the loan would be slightly on the higher side from the 10.5 to 11 per cent being charged for auto loans. However reports say, SBI may charge as much as 14 per cent on the loan. According to analysts, the risk profile of those applying for the Nano is on the higher side since a lot of them would be upgrading from two-wheelers. Tata Motors expect a long waiting list for the Nano and deliveries could stretch for months, according to officials. As many as four crore people have sought details about the Nano from the Tata Motors' website, according to sources.
The first Nanos will be displayed at Tata Motors dealerships from March 23 and bookings will open from April. The basic model of the Nano will be priced at Rs 1 lakh ex-factory while air-conditioned models would cost around Rs 1.25 lakh.
Production is expected to begin from Uttarakhand and Pune even as the factory in Gujarat is getting ready, according to sources.
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