In order to attract customers back to showrooms, and boost sales – car makers are launching innovative offers
The times, they’re a-changin. With lockdown piggybacking on a slowdown that was already plaguing the auto industry in India, it will be interesting to see just how deeply affected the industry is. For now, the immediate measure auto manufacturers are turning to is flexibility of loan repayment plans.
With finance and funding being a crucial tool, finance plans are being curated to allow potential customers some flexibility in payment. This is essential since this may be the ideal time for buyers to consider a big ticket purchase unless it seems beneficial to them. Mahindra has announced new finance schemes to tide through these challenging times. For now, finance schemes have been curated for financial flexibility.
Veejay Nakra, CEO, Automotive Division, M&M Ltd. said, “The introduction of these unique financing schemes is one more step by Mahindra to support its customers during these challenging times. The bedrock of each one of our schemes is to provide financial flexibility and peace of mind to our customers, especially for our Covid warriors who are providing unparalleled support at this point in time.”
Finance schemes for COVID-19 frontline workers are designed for varied requirements. For doctors there’s a 50 percent processing fee waiver with an option to Buy Now, Pay Later (90 days moratorium). A high funding scheme has been introduced for police personnel. Pickup vehicle owners – Essential Service Providers(ESP) can buy a BSVI Mahindra Pikup at the same EMI as a BSIV vehicle.
Own Now, Pay in 2021 is self explanatory with EMI payment beginning next year. Those opting for 90 days moratorium, you can own your SUV today and begin EMI payment after 90 days. Finance schemes also include up to 100 percent on-road funding. Women schemes are designed around 10 bps discount on the rate of interest.
Balloon and step up EMI is designed to lower monthly payments. This includes options of 3 low EMIs; pay 50 percent less EMI for 3 months for each year of loan tenure; 25 percent of loan payment at the end of the loan tenure; and EMI starting from Rs. 1,234/ per lakh.
For now, one can ease the financial burden by choosing a high tenure loan with the repayment plan spanning 8 years. Rate of interest starting at 7.75 percent, hassle-free financing, and no prepayment / foreclosure charges are considerations. Yellow board funding caters to taxi funding. The schemes are valid on the entire range of Mahindra cars which include Bolero, Scorpio, XUV300, TUV300, XUV500, Marazzo, etc.