Friday, December 31, 2010

Tata Nano Sale Amongst Tata Motors Employees

The latest bid from Tata Motors to boost Tata Nano sale is to press its employees in large numbers. The offer is open for its Tata Motors employees with Rs12500+ as monthly salary and the loan can be availed for a period of 4 years. The rate of interest will be 2% per year against 14% charged on 100% loan for other public. Another advantage is the waiving of processing fees and the scheme comes into effect from the dawn of 2011.

Tata Motors has issued circulars to its employees by which it said the blood relatives of such employees too can avail this offer. The repayment shall be made through deductions from the monthly salary and there are 24000 Tata Motors employees. Under this scheme, the EMI comes about Rs3684 for the standard variant costing Rs1.69 lakhs(Mumbai ex-showroom); it is Rs4956 for the LX variant which costs Rs2.28 lakhs.

The company claims that by this repayment scheme Tata Motors employees can save Rs 48000 – Rs 61000 for the entire loan period of 4 years. In addition the employees may get exclusive facilities depending upon the profile and in particular, zero down payment. However, the company says this is not new offer since the employees are availing schemes for almost all of its products.

The company official said the recent launch of open sale of Tata Nano in 12 cities is doing well and the offer to employees is no way related to clearing of the year end stock. Yet, the fact remains that the Tata Nano sale has fallen in recent months making the company to come out with a series of sale promotion offers – extended warranty, maintenance contract for Rs99 per month, instant loan in 48 hours. The company attributed its decline in sale to the neglect of the semi urban sector.

Tata Nano sale came down to 509 units in November from 9000 units sold five months ago. The dealers of Nano started smiling with the introduction of finance scheme and the units are gradually reducing in the show rooms. There will be fresh orders from January 2011, they said.

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