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Tata Motors announced six months EMI holiday scheme

New Delhi: On Wednesday, Tata Motors has introduced a financing scheme for Tiago, Nexon, and Altroz under which customers can avail of a six-month EMI holiday. Under the scheme, customers can make zero down payment, avail a six-month EMI holiday (only interest needs to be serviced monthly), and access up to 100 percent on-road funding for a loan tenure of five years, Tata Motors said in a statement.

"This offer is being made available through a partnership with Karur Vysya Bank (KVB) to eligible salaried and self-employed persons," it added.

The automaker said it is also offering affordable, step-up EMIs on long-tenure loans of up to eight years through its association with multiple financing partners.

Reeling under the COVID-19 impact, the Mumbai-based auto major saw its domestic sales plummet by 61 percent to 14,571 units in the April-June quarter as against 36,945 units in the corresponding period last year.