The much awaited bookings of the Tata Nano have started. However there are doubts in people’s mind about the procedure in getting the Nano. Here are some questions which might cross your mind : –
What outlets can I book the Nano at?
You can book it at 1350 branches of State Bank of India (SBI) which is managing the Nano bookings on behalf of Tata Motors. You could also book it at Tata Motors dealerships, as well as at the Westside and Croma department stores.
What do I have to pay to book the Nano?
Firstly buy a booking form for Rs. 300 from any Tata dealership or Nano financier like SBI. The amount to be paid varies depending on which version of the Nano you book. If you are opting for finance then for the standard version it will be Rs. 2,999 to finance the Rs. 95,000 booking amount. As for the CX version its Rs. 3499, which covers the Rs. 1,20,000 booking amount. Finally for the top end LX version, the amount to be paid is Rs. 3,999, which funds the Rs.1,40,000 booking amount. This payment made to the financer includes the administrative and finance charges for the entire booking amount for a period until the allotments are done. Alternately you could also pay the entire booking amount upfront without taking finance.
What documents do I need to have while making the booking?
Aside from the booking form, you would need your PAN card as well as your passport or voter ID card or driving license to support your booking. You could add a cancelled cheque to substantiate electronic refunds in case of non allotment. If you do not have a PAN card then Forms 60/ 61 need to be filled and attached as well.
When will the allotments be made?
Tata Motors plans to make allotments within 90 days after the bookings close on April 25.
What happens if I don’t get allotted a Nano?
In that case if you have paid the entire amount upfront, this amount will be refunded to you. If you have booked the car using finance, then the amount you have paid will be retained by the financer as the finance charges and the matter ends there. You may also retain the booking for deliveries after the first 100,000 allotees are delivered the car. This is something which you need to mention by ticking the relevant section on the booking form.
What if I am allotted a Nano but don’t want to buy it for whatever reason?
If you decide not to buy the car then you may cancel your booking. However the financier will retain the amount you paid while booking the car as the finance charges.
What if I am allotted a Nano and want to buy it?
Within 15 to 20 days of being allotted the Nano you would have to decide whether to continue using finance to buy the car.
If you do not want to use finance then repay the original booking amount to the financer and then make the balance payment to the Tata dealer from whom you will get the Nano. If you want to continue using finance then the booking amount will be converted into a car loan amount and this loan amount will be increased to the ex-showroom price of the Nano. For the base version of the Nano this would come to around Rs. 1,05,000, on which you would be required to pay 15% margin money, which would amount to Rs. 14,250. The balance amount needs to be paid 20 days before delivery of the car to the selected dealer directly.
What interest rate would be applicable on my loan at that time?
The rate of interest will be whatever is applicable on car loans at that point in time. Currently the rate at SBI is around 11.75 percent to 12 percent per annum.
What is the maximum tenure of the Nano loan?
You can take a loan of upto 7 years, although the higher this period the more you would end up paying in terms of interest charges.
What will my EMI be for such a loan?
This would depend on several factors like the actual loan amount, interest rate applicable at the time and the tenure of the loan.
How can I contact SBI for more information on the Nano loan?
You could call them on 1800-112211 or 080-2659 9990. Alternately you can email them on ‘email@example.com’ for more details.
How can I book the Nano online?
Go to www.tatanano.com from April 9 onwards and follow the booking procedure. The payment will have to be made online through your net banking account however credit card payments are not accepted.
Source – ACI