Tata Motors collaborates with Kotak Mahindra Prime to offer 3 financing solutions- Know the benefits offered and how customers can avail it

Tata Motors in association with Kotak Mahindra Prime Ltd. has announced three exciting financing solutions namely the Red Carpet, the Prime Vishwas and the Low EMI schemes.

These financing solutions can be availed by urban and rural customer groups (salaried, self-employed, no-income proof), with optional tenor periods, depending on the model. The parameters of these schemes have been simplified to ease the financial burden on customers during the on-going pandemic.

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About the schemes:

1. Red Carpet Product:

It is for customers with income proof and will offer up to 90 percent funding on on-road price. The loan tenure is up to 7 years. There will be no fixed obligation to income ratio (FOIR)  for loan up to Rs 11 lakh and attractive offers for pre-payment and part-payment of loans will also be offered.

2. Prime Vishwas Product

It is for no-income proof customers and will provide up to 90 percent funding on ex-showroom price. The loan tenure will be up to 5 years. There will be simple assessment criteria based on agriculture land or asset ownership parameters.

3. Low EMI Scheme

It is for self-employed and salaried customers and offers up to 50 percent lower EMI - for the first 3 months to reduce the initial burden on customers. EMIs starting at as low as Rs 999 per lakh for the first 3 months and up to 80 percent funding on on-road price is also provided.

Furthermore, Tata Motors recently announced that it has put in place a comprehensive ‘Business Agility Plan' to protect and serve the interests of its customers, dealers, and suppliers for the well-being of its business and supporting ecosystem.

To avail the various finance schemes, customers can reach out to their nearest Tata Motors dealer or through a Kotak Mahindra Prime branch or visit their website https://primeloans.kotak.com/ to register their interest in buying a Tata car.

Customers can also enquire, request a test drive, make bookings, and select their preferred financing option via ‘Click to Drive’, Tata Motors’ end-to-end online platform, from the comfort and safety of their homes.

Also customers can note that the above schemes are applicable on select models only and other terms and conditions as may apply.

Commenting on the roll out of these finance schemes offers, Rajan Amba,  Vice President, Sales, Marketing and Customer Care, PVBU, Tata Motors said, “We are delighted to be partnering with Kotak Mahindra Prime Ltd. for the rollout of these customised financial solutions for different customer profiles. These are trying times and we are committed to supporting our customers in the best possible manner. With such initiatives we want to make safe personal mobility solutions more affordable and accessible to customers and ensure they have a hassle-free ownership experience.”

According to Vyomesh Kapasi, Managing Director, Kotak Mahindra Prime Ltd., “Against the backdrop of the pandemic, people are increasingly opting for the safety of a car as a means of personal mobility. We are delighted to partner with Tata Motors to offer easy, customised and attractive car financing solutions to customers.”