Tata Nano bookings to open form 9th April

Buyers can start booking the world’s cheapest car, the Tata Nano, on Thursday April 9. The company has entered into agreements with 18 preferred banks/ NBFCs for financing and with five partner insurance companies to offer comprehensive insurance, under the ‘Tata Motors Insurance’ banner.

Customers willing to book the Nano can either pay the entire booking amount – which is Rs. 95,000 (for the Tata Nano Std), Rs. 120,000 (Tata Nano CX), and Rs. 140,000 (Tata Nano LX) – using their own funds or seek financing. Retail auto loan are available at interest rates that range from 9% to 11.75%. The financing of the booking amount available would start from Rs. 2,850 for the base model.

Tata Motors said that it has entered into agreements with National Insurance, ICICI Lombard General Insurance, Royal Sundaram Alliance General Insurance, United India Insurance and HDFC Ergo General Insurance. The insurance premium would start at Rs. 3,468 (ex New Delhi), the company said.

Tata Motors will announce the allotment of 100,000 units of the Nano through a random selection process in the first phase by June-end (60 days after the last day of the booking which is April 25). Applicants have an option of retaining their booking deposit if they do not get allotment in the first phase.

Customers retaining their booking deposit will be eligible for interest on their deposit, effective from the date of announcement of allotment of the second phase, at 8.5% for a retention period of 1-2 years and 8.75% for a retention period of more than 2 years.

Meanwhile, Tata Motors said there was no problem with the production of the Nano as reported by a section of the media. “As announced by the company earlier, deliveries of the Tata Nano will commence from July,” the company said in a statement.

Source: Economic Times