Tata Motors Finance, a non-banking finance company, is now set to offer 90% loan on the Nano at an interest rate lower than those charged on two-wheelers. Nano will now come with a extended warranty of 48 months (or 60,000 km) from 18 months (or 24,000 km). This extended warranty will cover existing owners too.
A new comprehensive maintenance contract will be offered at Rs. 99 and will help customers take care of running maintenance of the Nano. Currently, Tata is in talks with leading financial institutions present in remote parts of different states where sales counter for the Nano are available.
Nano was introduced in the market more than a year ago with an aim to provide consumers a better alternative to a two-wheeler. The car created immense hype but in the past few months, Nano lost the fizz among customers amid reports of poor quality. Now, banks are unwilling to provide finance for the car and confidence among car buyers for Nano has also sagged. In November, Tata Motors was compelled to drop production of the car to only 509 units to clear the huge inventory it carries at most Tata Motors dealerships.
But now, Tata has opened sales of the small car in 12 states and aims to cover the entire country before the end of the year. State Bank of India and HDFC Bank are being approached to sort out the consumer profile for loan seekers. Additionally, special sales executives will be hired to deal with Nano customers and more focus & support will be extended in rural areas.
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