[TusharK]

In view of the ongoing Covid-19 crisis, Mahindra has announced new finance schemes to boost buyer confidence.



The carmaker is offering the "Own Now and Pay after 90 days" scheme on its entire range of products. It will enable customers to opt for EMI payments after 3 months. Customers providing essential services in the commercial vehicle segment can also benefit from this offer as it would allow them to earn, save and pay after 3 months.

Other finance schemes offered by the company include:

• Lowest rate of interest starting from 7.25%
• Up to 100% on-road funding
• Accessories and extended warranty funding in addition to vehicle loan
• Nil foreclosure charges
• Highest tenure up to 8 years for personal UVs
• EMI starting as low as Rs 799 per lakh for personal UVs
• Instant EMI for accessories and extended warranty based on Debit / Credit card payments
• Lowest ROI for Bolero Pickup and BMT starting from 9.4%
• Highest tenure up to 6 years on Bolero Pickup

Besides this, Mahindra is offering accessories worth Rs. 3,000 on online bookings and a benefit of Rs. 2,000 for an online loan sanction, with a special processing fee and rate of interest.

Customers also have the option to convert their accessories, extended warranty or workshop payments in monthly instalments and avail a cashback of up to Rs. 3,000.

Link to Team-BHP News

[maddy42]

Good offers. Financing is definitely a good way to draw in customers and also becomes a major part of the revenue for the Auto firm. Sometimes exceeding the revenue from making automobiles. You get a sale plus 50% additional revenue over the loan period.

Maddy

[GTO]

A thought runs through my head whenever I see fancy loan schemes = remember, whichever convoluted way you approach it, a 10-lakh car will cost you 10-lakhs (+ interest) at the end of the day. No matter how late your EMIs begin, no matter how super long the 8-year loan will make things easier for you, no matter the low EMI + magic "balloon" schemes...a 10-lakh car is a 10-lakh car.

There is a difference between being able to "pay" for a 10-lakh car and being able to "afford" it.

P.S. The 10-lakh amount has just been used as an example. Replace it with whatever your dream car costs. Be wise with your money, people! Save up for a rainy Covid day. We've shown you how to have fun with VFM / regular cars too - related article (Is it necessary for "fun-to-drive" to only involve fast + tight handling cars? I don't think so!).

[shortbread]

Originally Posted by GTO

There is a difference between being able to "pay" for a 10-lakh car and being able to "afford" it.

P.S. The 10-lakh amount has just been used as an example. Replace it with whatever your dream car costs. Be wise with your money, people! Save up for a rainy Covid day. We've shown you how to have fun with VFM / regular cars too - related article (Is it necessary for "fun-to-drive" to only involve fast + tight handling cars? I don't think so!).

Wise words, I fully agree!

BUT, the challenge in today's environment of fast as well as easy finance is that it is a lot easier and affordable (ie. paying upfornt) to BUY a loan for a new car that one can't AFFORD, instead of coughing up all the cash for a good used one!

In a world where the short lived pleasure of posting ones new ride on social media is far greater a conviction than honestly measuring one's finances, such a bait is very very tempting.

Use 2 lacs for a used Swift OR down-payment for a new Thar?

Sorry for digressing off topic.