Tata Motors has tied up with HDFC Bank to provide finance for its passenger vehicles. The company has introduced two schemes for the finance of vehicles under this alliance.

Tata Motors said in a statement that two new schemes ‘Grazuel Step Up Scheme’ and ‘TML Flexi Drive Scheme’ have been introduced in collaboration with HDFC Bank to increase sales and make products easier in the festive season.

The company said that both these plans will be available by the end of November 2020. These can be availed on all cars, sports utility vehicles (SUVs) and electrical vehicles compatible with Bharat Stage-6.

The company said that under the ‘Graduate Step Up Scheme’, consumers can avail the minimum installment of Rs 799 per lakh per month. The EMI will depend on the model and version of the vehicle.

Monthly installments will increase gradually for two years according to the buyer’s convenience. Under the ‘TML Flexi Drive Scheme’, consumers can choose any three months in which they want to pay the minimum installment every year.