Banks Offers Minimum Eligibility Criteria for Nano Loans
Posted on April 16th 2009Welcome back!
Banks which are in deal with the Tata Motors for financing its Nano, are planning to maintain the minimum eligibility criteria, so that the low & middle salaried group remains interested to their loan schemes (for Nano only).
Initially, United Bank of India said that it will provide loans for Tata Nano to customers with at least Rs. 5000 monthly income.
We have kept the minimum eligibility easy as we would like to project us as a people’s bank. This will fit with the Tata Motors’ people’s car.
- Mr. Gupta (UBI CMD) said.
Where the other banks like Indian Bank and Canara Bank have kept their eligibility norms a bit tighter. Indian Bank is offering the Nano loans to customers with at least income of Rs. 1.8 lakh per year, while Canara Bank offering the loans to individuals with at least income of Rs 1.50 lakh per year.
By editor in Auto Finance, Auto India News, Tata Motors
rahul responded on 22 Apr 2009 at 8:55 am #
Hi,
Minimum eligibility criteria is the another best way to attract the customers. Tata Nano is gaining a lot of attention and it is breaking new barriers in bank policies.
Rahul
Indian Car Advisor