Nano for Rs 1199

With Tata Motors launching the sale of the Nano later this year, lenders are looking to provide attractive schemes for buyers. The car will be up for sale by October this year.

For instance, Saraswat bank is offering a loan of Rs 70,000 at a monthly installment of Rs 1,199 for 7 years. The rate of interest is in the 11-11.5 per cent range, cheaper than a two-wheeler loan.

As reported by the Business Standard experts say that banks will provide packages only in non-metro regions where the car is expected to become a hot buy.

Tata Motors' will also finance the car via its finance subsidiary, Tata Motors Finance.