Just days after Tata Motors began the booking process for the Tata Nano, the company has reaped a windfall of almost Rs.15 crore, purely by selling close to 500,000 application forms @ Rs.300 each. The sale of forms started on April 1, bookings began from April 9 and close on April 25. State Bank of India (SBI), which is offering loans at 10% now, has already sold over 100,000 forms.
All the booking applications will be subjected to a computerised random selection procedure. Within 60 days of the closure of bookings on April 25, Tata Motors will announce the allotment of 100,000 cars in the first phase of deliveries, scheduled to commence from July onwards.
The Nano can be purchased by taking a loan for a seven year period as compared to the normal maximum tenure of five years.
Nice way to get some extra cash, huh? 😀