[Amit_breakfree]

First, they should launch cars which can be financed!!!

[TusharK]

Tata Motors has introduced a new EMI scheme for the Tiago. It is part of a package of offers called 'Keys to Safety'.



Tata is offering customized EMI plans starting at Rs. 5,000 per month for 6 months. This EMI amount is for a loan of up to Rs. 5 lakh and gradually increases over a maximum tenure of 5 years.

Customers have three options while paying their final EMI. They can either pay the last EMI amount (approximately Rs. 90,000 on a loan of Rs. 5 lakh) and take ownership of the vehicle or they can return the vehicle to Tata Motors Finance. Customers also have the option to refinance the final EMI.

Tata Motors is offering 100% finance on its entire range of cars and SUVs. The maximum tenure available is 8 years.

Tata has also introduced special benefits of up to Rs. 45,000 on all its models except the Altroz for doctors, healthcare workers, essential service providers, and police.

Link to Team-BHP News

[TusharK]

Mahindra announces finance schemes on new cars

Mahindra has introduced various finance schemes on new cars.

Mahindra is offering deferred payment option for customers as part of the 'Own Now, Pay in 2021' scheme. The EMI for the vehicle will start next year. Customers also have the option to start paying the EMI after 90 days post the date of purchase.



The Balloon and Step Up EMI scheme has the facility to pay 50% less EMI for 3 months for every year of the loan tenure. 25% of loan payment can be made at the end of the loan tenure. EMIs start at Rs. 1,234 per lakh.

The carmaker is offering 100% on-road funding and the highest loan tenure is 8 years. The lowest interest rate is 7.75%. Besides this, no prepayment / foreclosure charges apply.

Under the special scheme for women, Mahindra is offering a 10 bps discount on the rate of interest.

Mahindra has also launched finance schemes for Covid warriors. Doctors get a 50% processing fee waiver and the option of a 90 day moratorium. A high funding scheme for police personnel is also available. Those looking to buy a Mahindra Pickup will have to pay the same EMI as a BS4 vehicle.

Link to Team-BHP News

[ramnaresh_2000]

These schemes are actually "SCHEMES". Someone with good financial understanding will not fall for such offers at all. If someone can compare these schemes under a microscope, they will clearly notice that the people taking these "SCHEMES" end up paying more than normal traditional 3-5 year old EMI plan. Banks will never give us offers, they only want out money in the name of "INTEREST", this is their bread and butter.

Instead of paying 25% of loan amount as last EMI, I would suggest saving EMI amount for whole year and hunt for great discounts by year-end. If someone is taking 8 year loan period for a car, then they cannot afford a car IMHO.

[Sahilrai166]

Originally Posted by TusharK

Mahindra announces finance schemes on new cars

The Balloon and Step Up EMI scheme has the facility to pay 50% less EMI for 3 months for every year of the loan tenure. 25% of loan payment can be made at the end of the loan tenure. EMIs start at Rs. 1,234 per lakh.

The carmaker is offering 100% on-road funding and the highest loan tenure is 8 years. The lowest interest rate is 7.75%. Besides this, no prepayment / foreclosure

The above Loan offer is complicated and are as follows:

EXAMPLE:
Loan amount: Rs10,00,000
Interest rate:7.75%PA
Tenure:8 Years
EMI Per month:
First 9months = Rs14,010PM[×72months]
Last 3months = Rs7,005PM[×24months]
[This thing repeats for 8 years(9 months full EMI and 3 months half EMI)]
25%Loan amount payment at the end:2,50,000

So at the end you pay Rs4,26,105 interest for Rs10,00,000rs and it's really not worth taking a loan for 8 years and paying huge amount of interest for a depreciating asset like car.

[TusharK]

Maruti launches 'Buy Now Pay Later' offer for customers

Maruti Suzuki has tied up with Cholamandalam Investment & Finance Company Limited (CIFCL) to introduce 'Buy Now Pay Later' offer for its customers.



Under the new scheme, customers get the option to defer payment of two EMIs. EMIs will start after 60 days of loan disbursement. The offer also includes higher loan to value, up to 90% on road funding and a longer repayment tenure.

This offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

Tata Motors has also launched a similar scheme on the Tiago. Mahindra too is offering a finance scheme on its cars.

Link to Team-BHP News

[TusharK]

Maruti Suzuki launches flexible EMI financing schemes

Maruti Suzuki has partnered with ICICI Bank to offer a variety of financing options for customers.



Under the Flexi EMI scheme, customers can play low EMIs starting at Rs. 899 on a loan amount of Rs. 1 lakh for the first three months. From the fourth month, EMI amount will be higher.

The Balloon EMI scheme offers an EMI of Rs. 1,797 per lakh during the tenure. Customers will have to pay the 1/4th of the loan amount as the last installment.

Under the Step up EMI scheme, EMI amount is increased by up to 10% ever year. EMI could start from Rs. 1,752 per lakh in the first year of payment, which progressively increases by 10% every year for a loan tenure of 5 years.

Link to Team-BHP News

[TusharK]

Tata launches 6-month EMI holiday scheme on new car purchase

Tata Motors has launched a new financing offer on the Tiago, Nexon and Altroz, that includes a 6-month EMI holiday.



Customers will only have to pay the monthly interest during the 6-month period. The scheme also includes zero downpayment and up to 100% on-road funding for a loan tenure of 5 years.

Tata Motors is also offering step-up EMIs on long tenure loans of up to 8 years. The starting EMI for an Altroz is Rs. 5,555. The Nexon and Tiago are available for EMIs starting at Rs. 7,499 and Rs. 4,999 respectively.

Link to Team-BHP News

[wheelguy]

Image source

• Enjoy up to 100% on-road funding with zero-down payment

• Service only monthly interest during the 6-month EMI Holiday period

• Loan tenure of up to 5-years

• Offer available on Tiago, Nexon & Altroz

Tata Motors, India’s leading auto brand, today announced the launch of a novel and attractive financing offer on its popular brands Tiago, Nexon and Altroz. Customers can now make zero down payment, avail a 6-month EMI holiday (only interest needs to be serviced monthly) and access up to 100% on-road funding for a loan tenure of 5-years. This offer is being made available through a partnership with Karur Vysya Bank (KVB), one of India’s oldest and most trusted banking institutions, to eligible salaried and self-employed persons.

In its endeavor to make safe personal mobility solutions more affordable and accessible to individuals and families, and help maintain norms of social distancing, Tata Motors is also offering affordable, step-up EMIs on long tenure loans of up to 8-years through its association with multiple financing partners. For just Rs 5,555/- as starting EMI, you can now drive home the 5-star GNCAP safety rated premium hatchback Altroz. Popular SUV Nexon and hatchback Tiago are also available for EMIs starting at only Rs. 7499 and Rs.4999/- respectively

Source: Press Release

[TaurusSHO]

Ford India has also announced new finance schemes for the Ecosport, Figo, Aspire and Freestyle. Valid for cars booked before July 31, 2020.

The six months EMI Skip plan has been introduced. Customers are being offered a 60-month finance scheme. If one opts for it, he/she is eligible for a six months EMI Skip plan as well. In this plan, a customer will have to start paying his EMIs from the seventh month.

Customer looking to purchase the Ecosport under the step-up scheme will start with an EMI as low as Rs 1,727 per lakh with a rate of interest at 8.99 per annum. For the other cars eligible under the finance scheme, customers will be paying an EMI of Rs 1,777 per lakh, with an interest rate of 10.15 per cent.

Link