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Mahindra offers 'Buy Now Pay in 2021' and other attractive schemes

Car makers are launching innovative offers to attract customers to buy cars these days. Mahindra has launched multiple plans to provide flexibility of loan repayment to boost sales in the Covid19 times.

The financing schemes are valid on the entire range of Mahindra cars, comprising Bolero, Scorpio, XUV300, XUV500, Marazzo, Alturas G4, Thar, TUV300, TUV300 Plus, Xylo, Verito, Verito Vibe CS, KUV100 NXT, and e20 Plus.

Following is a curated list of the latest Mahindra car financing plans & offers:

  1. Mahindra is now giving choice to buy its cars now, but start paying next year, that is in 2021. The buyers don't have to pay any EMI in 2020. The scheme is called "Own Now, Pay in 2021".

  2. Another choice is to get a 90 days moratorium, whereby you can own your SUV today and begin EMI payments after 90 days.

  3. Both these finance schemes include up to 100 percent on-road funding. So, you don't have to make any downpayment should you wish to do so

  4. For doctors, Mahindra is also offering 50% fee waiver in combination with aforementioned offers.

  5. For police officials willing to own a Mahindra vehicle, high funding is now available.

  6. Pickup vehicle owners who are Essential Service Providers (ESP) can now buy a BS6 Mahindra Pickup at the same EMI as that of a BS4 vehicle. So effectively buying a new BS6 model at the price of old BS4 model.

  7. For Women buyers, there is a 10bps (0.1%) discount on the rate of interest, and option of ballon payments (large last EMI) and step up payments (initially low then increased EMI). These options lower first three EMIs, lower 3 EMIs every year for the tenure of the loan by 50%, and allow 25% loan payment to be made in bulk at the end of the loan tenure.

These offers lower the EMI burden to as low as Rs. 1,234 per lakh. Maximum allowed loan tenure is of 8 years and the interest rates start from 7.75 per cent.

To top up these schemes, there are a few additional benefits, as listed below:

  1. There is no prepayment and no foreclosure charges from the very first day.

  2. Funding for vehicle to be used as taxi/cab is also available for a wide range of Mahindra SUVs.

Finance availability is crucial for car buying and these plans have been developed to allow potential customers some flexibility in payment. It is essential to make big ticket purchases beneficial to them to boost sales.

Mahindra has lined up a number of new launches including the next generation Thar in June/July 2020. Further, the all-new Scorpio and XUV500 is likely to be launched next year, and both are expected to have a long list of upgrades in features, comfort, convenience, safety and design to address the growing competition in the SUV space.

Talking about the new finance schemes, Veejay Nakra, CEO of Automotive Division at 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”.

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