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TATA Motors partners with HDFC Bank

Published on October 19, 2020
Current Context: TATA Motors announced a partnership with HDFC (Housing Development Finance Corporation) with an aim to finance its vehicles. 
TATA Motors partners with HDFC Bank
  • Through this partnership, two schemes are launched namely: (a) Gradual Step Up Scheme (b) TML Flexi Drive Scheme.
  • The schemes are launched with an aim to make TATA vehicles more accessible and thus to increase sale. 
  • Both the scheme are available on upto November 2020.
  • Also, both schemes can be redeemed on entire new Bharat Stage (BS)- VI range of cars and SUVs (Sports Utility Vehicles) along with EV range of the company.
  • The schemes offer 100% ex-showroom financing on entire PV (Passenger Vehicle) products.
  • Gradual Step Up Scheme: Under this, EMI options are as low as Rs 799 per lakh per month, depending on product and variant. EMI payments gradually increase over a period of 2 months as per the payment convenience of buyer. 
  • TML Flexi Drive Scheme: Under this, customer can choose any three months to pay a minimum EMI of Rs 789 per lakh per month, depending on product and variant. 
  • Static Part: 
    • HQ of HDFC Bank: Mumbai
    • CEO of HDFC Bank: Sashidhar Jagdishan (He replaced Aditya Puri)
    • HQ of TATA Motors: Mumbai
    • MD and CEO of TATA Motors: Guenter Butschek

Question: 

Q.1 With whom TATA Motors partnered to launch two schemes namely Gradual Step Up Scheme and TML Flexi Drive Scheme to finance its vehicles?
a. IFFCO Tokio General Insurance
b. TATA AIG
c. HDFC Bank
d. Bajaj Allianz
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