The State Bank of India will be the sole booking agent for Tata Motor’s Nano. It is said that the Bank will make formal announcement in a few days.
It is learnt that initially, the SBI will distribute the prospectus in 100 select branches. The booking is expected to start by the end of this month and the initial amount will be Rs 70,000 per car. The allotment of the first 100 cars will be made through a lucky draw.
Tata Motors is expected to produce 3,000 cars a month in the beginning, while it will accept orders for one lakh cars.
Bank said “The advantage of the SBI being the sole booking agent is that a large number of buyers may become a car loan borrower. We also create a huge database of customers to whom we can cross-sell some of our products later”. The SBI will also offer car loans at an interest of 10 per cent. This offer is valid till May 31 this year.
The bank has also offered an 8 % interest — fixed for one year — on home loans till April 30.
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