In a strategy to penetrate small towns and villages, Tata motors has initiated to tie the knots with public sector banks to sell out its dream and ultra-small car ‘Nano’, scheduled to roll out next month.
Collaborating with the public sector banks, the company has clearly indicated that it is eyeing to put significant volumes in non-metro cities, targeting lower-middle class families who are willing to buy cars but satisfy with only two wheelers due to exorbitant budget.
To reach the rural and tier-1 and tier-2 towns, Tata Motors has been setting up the tie-up over the last few weeks with the second largest public sector bank- Punjab National Bank (PNB), and others including Corporation Bank, Central Bank of India, Bank of India, Union Bank of India and State Bank of Patiala.
The buyers can get the benefits of a wide range of channels, comprising branches of the PSUs and 329 sales touch point of Tata Motors across the country.
Union Bank of India (UBI) that is likely to offer car loans for ‘Nano’ at the interest rate of 11 per cent to 11.25 per cent has said in a release that the tie up of Tata and the bank will provide a single-window to the customers making a easier way to own cars and car loans.
All PSUs will offer the car loans by up to 85% of the total prices of the car. The price tag of the car is likely to cross its earlier declared price of Rs.1,00,000 due to Singur incident in which Tata motors had to bear a loss of over Rs.500-crore.
Facing relentless protest from Trinamool Congress activists and farmers, Ratan Tata had shifted the Nano plant last year from West Bengal to Gujarat. The first car from Gujarat plant is likely to roll out by the end of 2010, according to official sources, while the first car from Himachal Pradesh plant is expected to be on the road by March 23, 2009.
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