HDFC Bank waives off half of processing fee for Tata Tiago. Will it help?
HDFC Bank sent an emailer to customers announced a waiving off 50% on the processing fee for Tiago
For those looking to buy the recently launched Tiago from Tata Motors, HDFC Bank may help in reducing the price.
HDFC Bank on Thursday announced a waiving off 50% on the processing fee for Tiago. In an emailer to its customers HDFC Bank said, "The world of #Fantastico awaits you. Experience maximum comfort with top-of-the-line features in the new Tata Tiago. You can also enjoy 50% off on Processing Fee exclusively with HDFC Bank."
However, the processing fee charged by HDFC Bank on car loans is very marginal. The processing fee charged on car loans is up to Rs 2,250 for interest rates of 9.35% to 11.60% at a tenure of 1 year to 7 years.
Tiago's range of the petrol version is between Rs 3.37 lakh to Rs 4.97 lakh, its diesel version starts from Rs 4.14 lakh to Rs 5.7 lakh ex-Kolkata.
However, the company said that his was an introductory price and is expected to increase the price of the car soon.
"Holding to this price is difficult," Tata Motors Ltd (TML) VP sales and network (passenger vehicles) S N Barman said at launch of Tiago, according to a dna report.
So, will this 50% discount by HDFC Bank help Tata Motors get more bookings for Tiago? Unlikely.