Tata Motors Finance joins 'Nano' booking-loan bandwagon

Promising a 'one-stop shop' for Tata group's much-awaited small car Nano, Tata Motors Finance, a wholly owned subsidiary of the car maker, on Thursday joined the league of lenders providing loan for the booking amount of the people's car.

Bookings for the Rs 1-lakh car began on Thursday across the country and a several banks are providing prospective customers loans also for the booking amount, ranging from Rs 95,000 to Rs 1,40,000, depending on the car's model.

Tata Motors Finance said today that it is also offering 100 per cent loan amount for the booking at an interest rate of 12 per cent to 13 per cent with a three-year tenure. Asked what Tata Motors Finance would offer as additional benefits to the cust omers, as compared to other financiers, the company's Managing Director, Mr Shyam Mani told PTI from Mumbai over telephone that its offer was aimed at providing a convenient one-stop shop for booking of Nano.

Tata Motors Finance would not try to compete with the banks on interest rates, as their cost of funds might be lower and would rather focus on providing an overall convenience for the prospective Nano buyers, he said. Mr Mani said that the booking pr ocess has begun on a strong note and is expected to further pick up in the days to come. - PTI