Even as Tata Motors Ltd (TML) enters into tie-ups with a series of banks to provide customers with affordable auto finance, the company is prospecting in its own backyard in a bid to boost passenger car sales.
The offer that is open to officer-level staff of both TML and Tata Technologies Ltd involves getting 100 per cent finance from the State Bank of India on the ex-showroom price of the passenger vehicle.
In addition, the company is giving a 6.5 per cent subsidy on the interest component of the EMI, which will be credited to the employees bank account in addition to the salary.
Applicable to TMLs entire range of passenger vehicles and the Fiat Palio Stile, the scheme offers finance ranging from Rs 3-8 lakh depending on the employees grade.
Since its launch some weeks ago, there has been in-house sales of a few hundred cars, a source said. Most of the new customers work in the commercial vehicle unit and have opted for the Indica and the Indigo, whose sales during February 2009 were the highest during the current fiscal.
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