Tata Motors has joined hands with Kotak Mahindra Prime to introduce finance schemes for prospective buyers. The partnership has rolled out three finance programs namely Red Carpet, Prime Vishwas Product, and Low EMI for urban and rural customer groups that comprise salaried, self-employed, and buyers with no-income proof. Let us have a detailed look at each of the plans.

The Red Carpet product is designed for customers with income proof and facilitates up to 90 per cent of on-road funding. There is no Fixed Obligation to Income Ratio (FOIR) for loan of up to Rs 11 lakh and the tenure can last up to seven years. It also offers additional advantages for pre- and part-payment of loans.

Customers with no-income proof can opt for the Prime Vishwas scheme that funds up to 90 per cent of the ex-showroom price of the vehicle. The loan assessment criteria are based on agricultural land or asset ownership parameters. The loan can be availed for a period of up to five years.

The third finance solution is the Low EMI scheme mainly for the self-employed and salaried customers. The vehicle owners will benefit from a 50 per cent lower EMI for the initial three months. Funding can be arranged for up to 80 per cent of the on-road price with EMI starting at Rs 999 per lakh for the starting three months.

Commenting on the roll out of these finance schemes offers, Rajan Amba, Vice President, Sales, Marketing & 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.