State Bank of India would be the qualified banker for collection of bookings in 850 cities, he said.
The car can be booked by just paying Rs 2,999 upfront while the rest can be secured by way of loan, he said.
There would be 15 preferred financiers for the booking whose names would be disclosed in three days.
The initial 50,000-60,000 Nano cars is to be supplied from its Pantnagar plant primarily set up to manufacture Ace trucks, Tata said, adding that the plant to manufacture the Nano at Sanand (Gujarat) is likely to go on-stream by end-this year or early next year.
The first 1-lakh customers will be selected by draw of lots from the bookings, he said, adding that those not allotted would have the option to retain their bookings.
The customers who wait for more than one-year will be paid 8.5 per cent interest and those beyond two-years will be paid 8.75 per cent, Tata Motors managing director Ravi Kant said.
No interest would be given to the first 1-lakh allotments, Ravi Kant said, adding that the company expects to supply the cars to the first lot in a year's time.
Tata made it clear that Nano production at Pantnagar was, however, an interim solution after the company was forced to shift its production from Singur in West Bengal to Sanand.
Image: Interior view of Tata Nano. | Photograph, courtesy: Tata Motors
Also see: The historic Tata Motors journey
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