Mercedes-Benz India has launched a new set of initiatives that are meant to help improve buyer sentiment, called Wishbox 2.0. The German car maker is offering three financial options:
Three months no EMI: A customer opting for a Standard Loan and Agility can avail an EMI-free period for the first three months. EMIs will commence after the three-month period of the 3, 4 or 5 year loan as customized by him or her.
Step-Up 2020: The ‘Step-Up 2020’ is based on Agility and empowers the customer to opt for a payment option suiting her/his financial convenience based on the availability of liquidity. Small EMIs for the first six months of the contract and regular EMIs starts from seventh month onwards.
EZ 10 or 10-year finance scheme: EZ10 is a first of its kind initiative under which Mercedes-Benz India will extend a customer's loan tenure to 10 years. This financial solution is based on five years Agility and five years refinance, an amalgamation of two contracts. A customer also has the option to opt for a guaranteed buy-back after five years.
The key benefits of the finance schemes are:
10 years loan tenure
Lowest EMI of Rs. 1,499 per lakh
Three months EMI waiver for standard loan and agility
Small EMI for first six months, regular EMI from seventh month onwards
Pption to opt for a guaranteed buy back after five years
Offer only for C-Class, E-Class and GLC range of cars
Additional Rs. 1 lakh worth of benefits for doctors
In an effort to revive the customer confidence and create incremental demand, German luxury car manufacturer, Mercedes Benz has introduced the ‘Wishbox 2.0’ campaign to offer limited period financial solutions. The company claims that the campaign offers customized solutions to ensure that the customers do not worry about financial commitments for a car purchase, cash flows, etc. amid the current challenges due to the Coronavirus (COVID-19) pandemic.
Martin Schwenk, MD and CEO at Mercedes-Benz India said, "These financial schemes will help customers seal the deal for the wheel they have been planning. Wishbox 2.0 is highly flexible and we are confident will instill customer confidence by offsetting some of their financial commitments. These smart financing solutions are one-of-its kind and are our own way of supporting our customers’ investments and addressing the prevalent market challenges".
Mercedes-Benz has also pledged to donate Rs 15,000 to the PM CARES Fund for each of the first 500 cars that are sold online.
Demand in the Indian auto industry is likely to be muted in the near and medium-term future. While several auto makers feel preference towards personal mobility will lead to a spurt in demand, this may be restricted to smaller cars. Regardless of segments, OEMs are increasingly coming out of the pavilion to offer schemes in a bid to attract buyers.