Mahindra rolls out new finance schemes that give people the option to lighten the financial load for new car purchases, in the initial period.
In an attempt to improve consumer sentiment and boost new car demand, Mahindra has announced a new range of finance schemes that are designed to reduce the immediate financial burden on new car buyers. And the first of these initiatives sound quite bold as the company is offering an option to buy now and start paying EMIs in 2021 and if you don’t want to push your payments that far back, the company is also offering a three-month or 90-day moratorium. There is also an option for customers to secure 100 per cent on-road funding. Of course, all of this will be subject to terms and conditions. The company is also working to empower women with a special scheme that offers 10 bps discount on the rate of interest. And lastly, the company is also offering low-interest rates on new car loans that start at 7.75 per cent, while also extending the maximum loan tenure to 8 years.
Balloon and step-up EMIs are also being rolled out to lower the initial monthly payments by offering to lower the first three EMI payments. There is also an option for customers to pay 50 per cent less EMI for 3 months in a year, for every year of the loan tenure. Customers can also opt to pay 25 per cent of the total loan amount at the end of the tenure. EMIs start from as low as Rs. 1,234/ per lakh.
Mahindra also has special offers for COVID warriors in its attempt to support the people at the front lines. This is being done by allowing new Mahindra BS6 pick-up truck customers to pay the same EMI as the previously more affordable BS4 vehicle prices. Doctors meanwhile get a flat 50 per cent processing fee waiver and the option to buy now, pay later (90 days moratorium). There is also a high funding scheme available for Police personnel.
Speaking about these new finance schemes, 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. Together with the various digital interventions which Mahindra has recently announced both in its sales and service, these offerings will provide our customers with a holistic buying and owning experience for a Mahindra vehicle”.