Tata Nano Booking Reality Part 2

Below are the details of Tata Nano Booking Loan from Major Banks. The loan is being given out to Tata and hence no income proof is required. Its just the "interest" that everybody is "interested" in.

Bottom Line: Do not take a loan for the Booking amount. If you have some extra spare cash and do not know what to do with it ... please park it with Tata for some charity. Coz i guess if you have that extra cash in hand you are not the one looking for the worlds "cheapest" car.

Scheme Details

Model	Booking Amount financed by Bank Ltd.(in Rs.)	Bank Booking Charges (in Rs.)	Break up of Bank Booking Charges (non-refundable)		Documentation Fees (in Rs.) (non-refundable)	Tata Motors Application Form Fee (in Rs.) (non-refundable)	Total Amount Payable (in Rs.) (non-refundable)
			Interest Amount (in Rs.)	Processing Fees (in Rs.)
Nano BS 2/3	95,000	2,999	1,999	1,000	100	300	3,399
Nano CX BS 2/3	120,000	3,499	2,499	1,000	100	300	3,899
Nano LX BS 3	140,000	3,999	2,999	1,000	100	300	4,399

Please Note:

1. The booking charges paid to Bank and the application form fee of Tata Motors Ltd. Is NON-REFUNDABLE. Even if you are the "choosen" one to get the Car. thanks for telling that...!!
   
2. Financing of booking amount by the Bank does not guarantee sanction of subsequent car loan upon allotment of Nano car. Nice one I should say. The loan is being provided on the credibility of Tata as they are the ones who will return the money in case you are not allotted the car or if for some reason ( note getting Car loan) you don't want to buy at a later stage. For the Bank their money is safe in Tata and they are earning a handsome prepaid interest from the customer. So in case you are booking your nano on the click of a button please check in case you are alloted the car but you dont have the money what are your options.
   
3. The booking charges paid to Bank are towards interest charges, processing fees and documentation charges for the booking amount financed, for a 65 day period only. Read this one very very carefully.
   
4. In case of allotment, applicants will have to complete the formalities of settling the booking amount financed, before end of 90 days from the date of closure of booking period, which will be before July 25th, 2009. Now lets match this clause with the clause in Tata Nano Booking terms and conditions - "In case there is a delay in processing refund beyond 90 days from closure of booking window interest @ 6% per annum will be paid to all applicants" Wow..!! so in case Tata is unable to refund the amount for some reason they will give 6% interest but the banks want there money back. so what do u do... pay them from somewhere or else take a personal loan at an extra cost or else... hmmm become a sub-prime defaulter :D:D. Why shouldnt tata pay the applicable interest?? where is customer protection. Is everybody busy in elections and IPL???
   
5. In case applicants choose the option to retain the bookings with Tata Motors Ltd. for the second round of allotment(beyond the first round which will be for 100,000 cars). The applicant then will need to settle the booking amount financed by Bank before the end of 90 days from the date of closure of booking period, which will be before July 25, 2009. Again Tata is ready to pay8.5% and 8.75% to the loyal tata cutomers who are ready to pay 2 years in advacne for there beloved Car. But hey the Banks want there money back...!!
   
6. All correspondence related to this booking will be to the contact details as given in the application form. Hence please ensure that the same are filled correctly. This is one good thing about the whole process. If you take a Bank loan for the Booking the banks will ensure that they fill the correct refund account details. you need not bother :)