Update: From Maruti to Audi, make any car EMI free
Buyers will now find car purchases affordable and more attractive as EMIfreecar.com has come up with an ideal situation that not only takes care of EMIs for buyers, but also promotes business for advertisers who have a novel way of broadcasting their products. EMIfreecar.com has emerged as No.1 passenger car advertising service provider.
UPDATE – We have been receiving scores of calls on a daily basis, enquiring details about this company. All our attempts to get in touch with the company have been futile. The phone numbers do not work anymore, and emails remain unanswered. An industry insider has confirmed that the company no longer exists.
According to the scheme being offered by a Delhi based startup company EMIfreecar.com, all buyers have to do is agree to have advertisements pasted on doors, bonnet and boot, with 60% to 70% of the car covered by ads. Rohit Gulati, 34, is the first customer to enter into this venture which was founded by Sachin Rastogi, 30, who got the ideal of such a unique business enterprise on his recent visit to Australia.
Seeing advertisements on private cars in Australia sowed the seeds in Rastogiâ€™s mind which when linked to EMIs could make purchasing a car more affordable. Rastogi has already pooled in around 200 new car buyers across cities like Delhi, Mumbai and Pune, and is currently in the process of tying up with advertisers and looks forward to starting the venture by April 2014.
There are, however, a few terms and conditions to be followed as cars need to be no older than 1 year and buyers will have to assure advertisers that they will run over a distance of 1500 kms per month. There will also need to be GPS installed in the car which will come at a cost of INR 10,000 besides a security deposit of INR 10,000 while owners will also need to pay for a removable vinyl sticker at INR 55 per sq ft. On completion of the EMI payments, the company will remove the vinyl graphics off the car leaving it as good as new.
A similar venture was introduced by Dreamers Media and Advertising Pvt. Ltd. in July last year. The deal with Dreamers is that customers can avail of the offer by paying a 25% down payment with EMI tenure of 5 years. Dreamers will pay the EMIs for the first three years while the consumer will make the payments for the last two years; in return Dreamers will utilize 40 â€“ 60 % of the customerâ€™s car space.
Considering that the number of people wanting to own a car is at an all time high in India, such ideas can bring a momentum in the industry. We are not sure about individual car buyers, but taxi fleet owners would surely want to try this.