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Old 15th May 2020, 17:56   #16
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Default Re: Nissan launches new car finance schemes

First, they should launch cars which can be financed!!!
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Old 18th May 2020, 18:34   #17
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Default Tata Motors launches EMI scheme for Tiago

Tata Motors has introduced a new EMI scheme for the Tiago. It is part of a package of offers called 'Keys to Safety'.

Car manufacturers introduce innovative, new finance schemes-tiago_banner_desktop_01.jpg

Tata is offering customized EMI plans starting at Rs. 5,000 per month for 6 months. This EMI amount is for a loan of up to Rs. 5 lakh and gradually increases over a maximum tenure of 5 years.

Customers have three options while paying their final EMI. They can either pay the last EMI amount (approximately Rs. 90,000 on a loan of Rs. 5 lakh) and take ownership of the vehicle or they can return the vehicle to Tata Motors Finance. Customers also have the option to refinance the final EMI.

Tata Motors is offering 100% finance on its entire range of cars and SUVs. The maximum tenure available is 8 years.

Tata has also introduced special benefits of up to Rs. 45,000 on all its models except the Altroz for doctors, healthcare workers, essential service providers, and police.

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Last edited by TusharK : 18th May 2020 at 18:36.
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Old 19th May 2020, 15:43   #18
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Default Re: Car manufacturers introduce innovative, new finance schemes

Mahindra announces finance schemes on new cars

Mahindra has introduced various finance schemes on new cars.

Mahindra is offering deferred payment option for customers as part of the 'Own Now, Pay in 2021' scheme. The EMI for the vehicle will start next year. Customers also have the option to start paying the EMI after 90 days post the date of purchase.

Car manufacturers introduce innovative, new finance schemes-0.jpg

The Balloon and Step Up EMI scheme has the facility to pay 50% less EMI for 3 months for every year of the loan tenure. 25% of loan payment can be made at the end of the loan tenure. EMIs start at Rs. 1,234 per lakh.

The carmaker is offering 100% on-road funding and the highest loan tenure is 8 years. The lowest interest rate is 7.75%. Besides this, no prepayment / foreclosure charges apply.

Under the special scheme for women, Mahindra is offering a 10 bps discount on the rate of interest.

Mahindra has also launched finance schemes for Covid warriors. Doctors get a 50% processing fee waiver and the option of a 90 day moratorium. A high funding scheme for police personnel is also available. Those looking to buy a Mahindra Pickup will have to pay the same EMI as a BS4 vehicle.

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Last edited by TusharK : 19th May 2020 at 15:47.
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Old 19th May 2020, 18:28   #19
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Default Re: Car manufacturers introduce innovative, new finance schemes

These schemes are actually "SCHEMES". Someone with good financial understanding will not fall for such offers at all. If someone can compare these schemes under a microscope, they will clearly notice that the people taking these "SCHEMES" end up paying more than normal traditional 3-5 year old EMI plan. Banks will never give us offers, they only want out money in the name of "INTEREST", this is their bread and butter.

Instead of paying 25% of loan amount as last EMI, I would suggest saving EMI amount for whole year and hunt for great discounts by year-end. If someone is taking 8 year loan period for a car, then they cannot afford a car IMHO.
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Old 20th May 2020, 18:32   #20
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Default Re: Car manufacturers introduce innovative, new finance schemes

Quote:
Originally Posted by TusharK View Post
Mahindra announces finance schemes on new cars

The Balloon and Step Up EMI scheme has the facility to pay 50% less EMI for 3 months for every year of the loan tenure. 25% of loan payment can be made at the end of the loan tenure. EMIs start at Rs. 1,234 per lakh.

The carmaker is offering 100% on-road funding and the highest loan tenure is 8 years. The lowest interest rate is 7.75%. Besides this, no prepayment / foreclosure
The above Loan offer is complicated and are as follows:

EXAMPLE:
Loan amount: Rs10,00,000
Interest rate:7.75%PA
Tenure:8 Years
EMI Per month:
First 9months = Rs14,010PM[72months]
Last 3months = Rs7,005PM[24months]
[This thing repeats for 8 years(9 months full EMI and 3 months half EMI)]
25%Loan amount payment at the end:2,50,000

So at the end you pay Rs4,26,105 interest for Rs10,00,000rs and it's really not worth taking a loan for 8 years and paying huge amount of interest for a depreciating asset like car.

Last edited by Sahilrai166 : 20th May 2020 at 18:54.
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Old 22nd May 2020, 11:17   #21
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Default Re: Car manufacturers introduce innovative, new finance schemes

Maruti launches 'Buy Now Pay Later' offer for customers

Maruti Suzuki has tied up with Cholamandalam Investment & Finance Company Limited (CIFCL) to introduce 'Buy Now Pay Later' offer for its customers.

Car manufacturers introduce innovative, new finance schemes-maruti.jpg

Under the new scheme, customers get the option to defer payment of two EMIs. EMIs will start after 60 days of loan disbursement. The offer also includes higher loan to value, up to 90% on road funding and a longer repayment tenure.

This offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

Tata Motors has also launched a similar scheme on the Tiago. Mahindra too is offering a finance scheme on its cars.

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Old 26th May 2020, 16:02   #22
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Default Re: Car manufacturers introduce innovative, new finance schemes

Maruti Suzuki launches flexible EMI financing schemes

Maruti Suzuki has partnered with ICICI Bank to offer a variety of financing options for customers.

Car manufacturers introduce innovative, new finance schemes-2017marutidzire07.jpg

Under the Flexi EMI scheme, customers can play low EMIs starting at Rs. 899 on a loan amount of Rs. 1 lakh for the first three months. From the fourth month, EMI amount will be higher.

The Balloon EMI scheme offers an EMI of Rs. 1,797 per lakh during the tenure. Customers will have to pay the 1/4th of the loan amount as the last installment.

Under the Step up EMI scheme, EMI amount is increased by up to 10% ever year. EMI could start from Rs. 1,752 per lakh in the first year of payment, which progressively increases by 10% every year for a loan tenure of 5 years.

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Last edited by TusharK : 26th May 2020 at 16:04.
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