These exciting schemes are aimed at increasing sales of Mahindra cars in India
Mahindra has introduced innovative finance schemes for customers by extending the full range of finance offerings for all its vehicles. Mahindra has also introduced special finance offering for accessories for its Utility Vehicles (UVs).
Mahindra accessories can now be financed ensuring more customers can access them. Mahindra has often showcased its cars laden with in-house accessories, as well as customisations undertaken in-house. Apart from single item purchases, Mahindra also has complete customisation kits.
Finance offerings have been designed for salaried and self-employed individuals, agriculturist and commercial vehicle owners. Schemes on offer during recent months continue to be available. They include Own now and pay in 2021, Upto 8 years funding, 100 percent on-road funding, and Own BSVI Pickup at BSIV EMI. BSVI compliancy has been a norm since April 2020, a month when no cars were sold in the country.
New finance offerings include Accessories funding options up-to 10 percent of Ex-Sh price for personal UVs; First 9 months EMI at 50 percent lower than the regular EMIs for personal UVs; First 6 months EMI will be 76 percent lower than the regular EMIs for personal UVs; EMI starting as low as Rs 899 per lakh for personal UVs; and Up-to 7 years funding for Bolero Pickup and Bolero Maxi Truck.
Financing Trends During Covid-19 Pandemic
Current Covid-19 pandemic limitations are longstanding, and widespread. While manufacturers have been able to restart production and open dealerships in accordance to local and state directives, whether or not everyone wants to buy a car is something that only time will tell.
For now, financing is concentrated on methods that allow more people to access it. This is being capitalised by focusing on deferred payments and extending loan tenures. The method is tried and tested, and allows folks to make a decision when times are uncertain. Defining funding for accessories with be one more channel to prompt folks to make the decision to add to car purchase costs owing to the 10 percent discount benefit on purchase price.
In simple words, ease of deferred payments is something everyone is counting on. This makes EMI repayment commitment easier as the financial burden appears to be lower. At any given time, financial recovery, and repayment works on the premise that a year from now the loan seeker will have a higher income. Long tenure loans offer a similar sense of managing finance better over along period of time. The offers have been curated by various financial institutions. Customers can contact a dealership to avail of a suitable offer.
In June 2020, Mahindra sold 7,959 units, down 55.19 percent from 17,762 units sold a year earlier. Volume loss at 9,803 units was higher than the vehicles sold last month. This was of course much more pleasing to the eye than the 3,745 units sold in May 2020.