SBI plans for higher down payment for Nano ~ Auto Guru India - Junction of News, Auto Reviews, Advice

Mar 19, 2009

SBI plans for higher down payment for Nano

With State Bank of India (SBI) planning to finance around 70% of the total cost of the Nano, you can now drive home the car for just Rs 25,000 to Rs 30,000!

However, both the Bank and Tata Motors spokespersons refused to divulge any details of the same before the launch date of Nano that is March 23.

Sources further say the bank will come up with more stringent norms and demand higher down payment for Nano considering that the vehicle will generate robust demand. Tata Motors have already received around 40 million queries on the Nano on its websites so far.

Though there is no clear indication from the company about the allotment of the vehicle, a Delhi-based dealer says that the company will fix the number of vehicles per state and per dealer, as the initial numbers are very low, to meet the demand across different parts of the country.

The entry-level model of Tata Nano will cost Rs 1 lakh (excluding freight and value-added tax) and the top-end model with air conditioner will be costlier by Rs 25,000 to Rs 30,000.


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