In the clearest ever hint that Tata Motors is now looking at well heeled car buyers as customers of the Nano, the world’s least priced car can now be purchased through a credit card. This credit card offer for the Nano brings a few perks with it. Tata Motors has tied up with select credit card companies to finance the purchase of the Nano. A person who buys the Nano through the credit card route can convert the purchase into an interest free 12 month EMI. The following banks’ credit card holders are eligible to participate in this scheme: Axis Bank, HSBC Bank, ICICI Bank, Kotak Mahindra Bank and Standard Chartered Bank.
* The EMI option for the Nano offers the buyer the choice of credit period options ranging from 3 months to 12 months
* The EMI figure stands at 8,333 per lakh
From the new scheme, it is evident that Tata Motors has woken up to the reality of a large number of Nanos being bought by car buyers who already own a car. In fact, this trend is quite pervasive in the bigger Indian cities where parking space and maneuverability are big concerns of car buyers. These buyers prefer the Nano as their second cars as the car’s compact dimension makes it an ideal option in crowded Indian urban traffic conditions.
With the Nano, Tata Motors initially made a big push into rural markets, hoping that the Nano’s low price tag would make it an attractive proposition for cost conscious car buyers in semi urban and rural India. However, the Nano isn’t really a big seller in such markets and this seems to have prompted Tata to look at the urban city car buyer. Amidst falling sales, the latest credit card offer on the Nano comes as the umpteenth measure by Tata Motors to boost sales of this compact and fuel efficient car.