Mahindra and Mahindra today announced a range of finance schemes to boost car sales in India. The carmaker has announced some lucrative finance schemes like - Own Now, Pay In 2021, 90 days moratorium on EMIs, special schemes for women, 100 per cent on-road financing and long-term loan tenure (8 years) among others. The company says that the new finance package will ease the burden on its customers planning to buy new cars in the post lockdown era. In fact, Mahindra has already resumed partial production and retail operations in India.
Speaking about these new finance schemes, Veejay Nakra, CEO, Automotive Division, Mahindra and Mahindra 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-19 warriors who are providing unparalleled support at this point. 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."
Under the 'Own Now, Pay in 2021,' customers can buy and own a Mahindra SUV today and start paying the EMI next year. Customers can also choose to go with the 90 Days Moratorium EMI option, where they'll start paying the EMI after 90 days of purchase. The company is also offering 100 per cent On-Road funding on Mahindra SUVs, while women customers will get special schemes like 10 bps discount on the rate of interest. Additionally, the company will also offer affordable Balloon and Step Up EMI offering to lower the monthly payments, which includes First 3 low EMIs, Pay 50 per cent Less EMI for 3 months for every year of the loan tenure, 25 per cent of loan payment at the end of the loan tenure, and EMI starting from as low as ₹ 1,234 per lakh.
Mahindra is also offering customers long-term loan tenure option, extending up to 8 years, smaller interest rates starting from as low as 7.75 per cent, hassle-free financing which includes no prepayment or foreclosure charges from the very first day, and Yellow Board Funding or Taxi Funding on a wide range of Mahindra SUVs for the fleet market.
Furthermore, to appreciate the efforts of all the frontline warriors fighting with the COVID-19 pandemic, Mahindra has announced a special finance scheme for doctors, police personnel, and Essential Service Providers (ESP). The offers will include 50 per cent Processing Fee Waiver and the option to Buy Now, Pay Later (90 days moratorium) for doctors. High funding scheme for Police personnel, and as for Essential Service Providers who own pickup trucks, Mahindra is offering a special scheme allowing them to own a BS6 Mahindra Pickup and pay the same EMI as a BS4 vehicle.