Tata Motors and State Bank of India (SBI) are moving ahead towards a partnership to extend car loans for the world’s cheapest car.
Tata and SBI have entered into an understanding where only SBI will provide loans across the country for the upcoming Tata Nano. All the Nano dealers are asked to collect only SBI cheques. In addition, Tata Motors has also announced that whosoever wishes to buy the car without a loan has to issue a demand draft of SBI in favour of Tata Motors.
According to the industry resources, the talks are almost finalized but the final announcement will be made just before the Nano launch. The reason why Tata Motors selected SBI was that the bank is spread across every region of the country. Ready to launch people’s car, the company wishes to make the reach of car consumers more feasible.
SBI along with its seven associate banks is believed to have a combined network of 2,000 branches. This is sufficient to meet the demands of the Nano enthusiasts.
So, after a long time of issues and disturbances, now the time has come to hold your breath and wait for the ultra-cheap car, Nano.