Tata Nano Bookings Begin

The bookings for the world's cheapest car, the Tata Nano, began on April 9 and will go on till April 25. The much discussed and awaited Tata Nano has started its journey to Indian homes.

The sale of application forms priced at Rs 300 began on April 1. Online applications will cost Rs 200. The forms are sold at over 30,000 locations in nearly 1000 cities. They are made available at Tata Motors Passenger car dealerships, State Bank of India and its subsidiaries and associates, preferred financiers, outlets of Westside, Croma 'World Titan' and Tata Indicom. The forms are also available along with a range of offers at select associates of Tata Group companies at Rs 1,100.

Customers can remit the entire booking amount or seek assistance from a financial institution. Tata Motors has tied up with 18 preferred banks/NBFCs to enable customers with finance to book Nano. Customers can submit their applications to their chosen financial institution, who will in turn submit it to SBI for further processing. The booking amount can be directly remitted through 1,350 notified branches of SBI or to Tata Motors Passenger car dealerships, Westside and Croma outlets. Post the first allotment, booking loans can be converted to retail car loans at specified interest rates.

Tata Motors will announce the first 1,00,000 ownerships within 60 days of closure of Nano bookings on April 25. The first phase of delivery of Nano cars will commence from July 2009. The allotments will be made through a computerized random selection procedure.

Tata Motors has provided an option of retaining the booking deposit to applicants who fail to get allotments in the first phase. Booking deposits will continue to attract interest rates. The company will communicate the allotment of the 1 lakh cars and also allotment of retainees.

Source: http://www.carazoo.com/autonews/1004200901/Tata-Nano-Bookings-Open