As Tata Motors gears up to launch the world's cheapest car Nano later this year, financing companies, including ICICI Bank, SBI Bank, HDFC Bank and Saraswat Bank, are busy charting out attractive finance schemes to woo the buyers. The Mumbai-based Saraswat Bank is offering a loan of Rs 70,000 at a monthly installment of a mere Rs 1,199 spread comfortably across 84 months or 7 years. The rate of interest is 11-11.5 per cent, which is cheaper than a two wheeler loan. The Nano has already driven these companies to look beyond the two-wheeler market, which has lately shown a huge slowdown. Banking officials say that a sizeable segment of the 6.5 million (sales as of last financial year) strong motorcycle buyers are expected to shift to the Nano. The comparable financing structure for a premium two-wheeler forces you to pay more every month through it is for a shorter period of time. For instance, a Bajaj Pulsar 220 is sold at Rs 92,675 with an equated monthly installment (EMI) of Rs 2200 for a period of three years. Banks such as ICICI Bank, India's largest auto financier, is charging an interest rate of 21-22 per cent on a two-wheeler loan with a down payment of 40 per cent of the total cost and 12.5 per cent on a car loan. ICICI Bank is looking at unveiling a similar