Maruti Suzuki Subscribe which was launched recently with a partnership with Orix, attracted quite an attention. Tata was quick to notice this and now they have come up with their own version of the offer. Tata Motors recently announced that the Tata Nexon EV which is a special product for India and beneficial for the future will be available with subscription plans for usage in partnership with Orix.
New Tata Nexon EV subscription option
Just like Zoomcar, Revv and other car rental agencies, Tata Nexon EV subscribes offers to deliver the car without paying the full price. But there is a fundamental difference here. Orix leases their car for a particular period of time and there is a compulsory lock-in period to consider too. The new scheme allows individual car buyers to take advantage of the EV. Fixed rental fees range from Rs.42,000 to Rs.48,000.
Tata Nexon EV
The Tata Nexon EV has been for sale in India since January 2020. This new model was launched at a starting price of Rs.13.99 lakh. This new subscription partnership with Orix India will enable Tata Motors to cater to a large amount of audience without any big initial investment.
The Tata Nexon EV comes with a 30.2kWh lithium-ion battery pack. This battery powers an electric motor which produces a maximum power output of 129hp and 245Nm of torque. The quick charge feature in this car can charge it from 0%-80% in just 1 hour via a DC charger. 15A AC charging, on the other hand, takes about 8-9 hours for a complete charge. The Tata Nexon EV comes with an ARAI certified range of 312km, which is highly practical.
Additional services by ORIX
For a monthly subscription fees, Orix will provide a Tata Nexon EV XZ+ variant with a home charger and about 15 meters of wiring. Orix will also take care of maintenance and monthly service costs. Terms and Conditions include a maximum monthly range of 1,500km while additional kilometres in a month are charged at Rs.7/km. The Orix Nexon EV also comes with an annual mileage limit set at 18,000km. Orix also promises to provide a 30% discount on ICE-powered self-drive cars for travelling to places with no charging infrastructure.
What are the subscription offers?
Orix India has currently offered this offer only form five cities including Delhi-NCR, Hyderabad, Bangalore, Pune and Mumbai. There are also three subscription tenures to choose from-: 18 months, 24 months and 36 months. The fixed rental fee also varies according to your total tenure.
Steps of subscription
First, you have to give Orix India a refundable security deposit of Rs.50,000. Then you have to give the monthly rental fees as per your tenure.
|Tenure period||Monthly fees||Lock-in period||Total Fees|
|18 months||Rs.48,000||9 months||Rs.8.64 lakh|
|24 months||Rs.45,000||12 months||Rs.10.8 lakh|
|36 months||Rs.42,000||18 months||Rs.15.12 lakh|
Lock-in period is roughly 50% time of your total tenure. If you wish to return the car before the lock-in If you return the car after lock-in period but before the tenure period, you just have to pay 2-3 months extra. If you also plan to but the car mid-way through your tenure, you can do that too easily.