Mahindra’s new leasing scheme for retail buyers is available in six cities across India initially before expanding to 19 more cities
Mahindra & Mahindra Ltd has announced today a new programme for the ease of vehicle owning across its domestic product range. As part of expanding the purchase choices and ensuring more affordable ownership, the programme has been designed for attractive monthly lease rental beginning at Rs. 13,499 monthly for KUV 100 NXT.
It starts at Rs. 32,999 for the range-topping XUV500. There a number of added benefits and convenience to the consumers pursuing the new scheme including low or no down payment, fixed EMI inclusive of maintenance cost, and claimed zero risk on vehicle’s resale value among others.
The facility is currently available in six cities across the country in the initial phase: Ahmedabad, Bangalore, Hyderabad, Mumbai, New Delhi and Pune. The next stage will see Mahindra expanding the lease offer to 19 more cities and it will be available on personal vehicle lineup like KUV100, TUV300, Scorpio, Marazzo and XUV500.
As leasing is a popular way of enabling customer convenience, Mahindra wants to provide attractive offers to owners for increasing its sales volume. As part of it, there is flexibility to upgrade models and when the leasing period gets over, the vehicle can be returned to the company without thinking over the disadvantages behind reselling and get a new model.
For risk free experience, the range of services included in the lease plan is on-road assistance, accidental repairs, 24-hour replacement vehicle, end-to-end maintenance and insurance. The homegrown automaker’s lease programme will appeal to personal leasing for working pros and SMEs.
The leasing model is said to be a “category creating product offering” and it targets professionals, small businessmen and millennials with more penetration expected in the coming years. Car leasing has penetration of less than 1 percent in India, and in contrast, it is as high as up to 45 percent in developed nations.
Over 30 percent of new vehicle sales come from leasing in developed markets such as Britain, United States, Germany and France. The scheme is in association with Orix and ALD Automotive who are globally well-known leasing service companies. The leased vehicle is offered for period of up to 5 years depending on the city and model chosen.