Tata Motors Partnered with HDFC Bank for Financing of Passenger Vehicles

On October 17, 2020, TATA (formerly Tata Engineering and Locomotive Company) Motors has collaborated with HDFC (Housing Development Finance Corporation) Bank for financing of its passenger vehicles. In this regard, Tata Motors introduced two new schemes viz. “Gradual Step Up Scheme” and “TML Flexi Drive Scheme” which will be available till November 2020.

• This partnership will boost Tata motor’s sale in the festive season.
• It should be noted that these schemes can be redeemed on the entire new Bharat stage (BS) -VI range of cars and SUVs (Sport Utility Vehicles) along with the company’s EV range.
• It is also providing up to 100% ex-showroom financing on the entire Passenger Vehicles (PV) product range under both schemes.

About Schemes:

–Under the Gradual Step Up scheme, customers can avail Equated Monthly Installment (EMI) options as low as Rs 799 per lakh per month, depending on the product and variant.

–Under Flexi Drive scheme consumers have the option to choose any three months every year to pay a minimum EMI of Rs 789 per lakh per month, depending on the product and variant as per convenience. 

Recent Related News:

i.On 31st August 2020, Vedanta announced its tie up for a long term syndicated loan facility for Rs.10000 crore with State bank of India(SBI) as facility agent and SBICAP Trustee Company limited (SBICTCL), a wholly owned subsidiary of SBI Capital Market Limited(SBICAP) as the security trustee with door to door tenor of 7 years.

ii.To provide convenient and affordable options of Federal Bank Debit Cards through Innoviti Point of Sale (POS) terminals, the Federal Bank and Innoviti Payment Solutions Pvt. Ltd(Innoviti) have entered into a partnership, which will offer Equated Monthly Installments(EMIs) options to over 7.5 million Federal Bank Debit Card holders at over 70,000 Innoviti POS terminals across 1000 cities.

About TATA Motors:
Chief Executive Officer (CEO) & Managing Director (MD)– Guenter Butschek
Headquarter– Mumbai, Maharashtra

About Housing Development Finance Corporation (HDFC) Bank:
Chief Executive Officer (CEO)– Sashidhar Jagdishan
Headquarter– Mumbai, Maharashtra
Assistant– Ask EVA