The State Bank of India (SBI) will be the only bank which will provide car loan to buy Nano, across the country. Tata Motors and State Bank of India (SBI) have got into a first-of-its-kind alliance for extending car loans to buyers for the world's cheapest car - Nano.
Nano dealers will accept only SBI cheques. Even the people who want to do payment in cash need to have to issue demand draft of SBI in favor of Tata Motors.
According to reliable sources the companies are having talks for finalizing the terms and conditions of the alliance but the formal announcement is likely to be made just before the first Nano rolls out from either Pantnagar or Pune.
Tata Motors sources said they want to utilize the vast network of SBI and its seven associate banks. SBI is having a branch network of around 11,000 branches. Moreover, its seven associate banks have a combined network of 2,000 branches.
Since the Nano is going to be a common man's car, therefore SBI with its associates has been considered to be the best fit for a product that has to get customers from rural
As Tata Motors have shifted its plant from Singur to Sanand, it has also enhanced its manufacturing capacity from 3 lakh car in a year to 5 lakh car a year.
As promised by the Tatas the Nano car will be rolled out by the last quarter of this year. The first car will be rolled out of the Tata plants in Pantnagar, Uttarakhand and Pune in
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