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Get loan for Tata Nano and dont pay interest for 3 months

In a move that will benefit loan seekers of the Nano, Bank of India on Thursday said it has devised a scheme under which auto loan seekers will be granted a three-month moratorium on interest and principal payment.

The scheme, meant for existing customers, will also not recover any upfront interest from the borrower.

"The loan is highly beneficial to people who will get the allotment and delivery of vehicle as it shall be charging a floating rate of interest of 10.25 per cent with repayment period less than 36 months," Bank of India said in a release.

Borrowers will be charged 10.75 per cent between 3-6 years, the lowest rate on auto finance levied by banks," it said.

"On booking loan, it shall charge 12 per cent fixed rate of interest only till delivery of the vehicle. Booking loan may be for a short period of 90 days only and delivery period as declared by Tata Motors," it said.

Vehicle loans are for a maximum period of six years, at a rate of interest between 10.25 per cent to 10.75 per cent per annum, the lender said.

Source: http://profit.ndtv.com/2009/04/02202232/BoI-launches-scheme-to-finance.html