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    M&M launches 'buy an SUV now and pay EMI after a year' offer; extends lower interest rates for women

    M&M launches 'buy an SUV now and pay EMI after a year' offer; extends lower interest rates for women

    M&M launches 'buy an SUV now and pay EMI after a year' offer; extends lower interest rates for women
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    By Alisha Sachdev   IST (Updated)

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    Automakers are expecting growth in demand for personal mobility in the wake of the coronavirus pandemic and are looking to attract new buyers as many may prefer to avoid public transport once the lockdown is lifted.

    Automakers are expecting growth in demand for personal mobility in the wake of the coronavirus pandemic and are looking to attract new buyers as many may prefer to avoid public transport once the lockdown is lifted.
    They are stepping up to address concerns of buyers who would not be able to pay upfront cash to make a big-ticket purchase. Hence, Mahindra & Mahindra (M&M) has announced a host of financing options to offer flexibility to potential buyers.
    The automaker will allow buyers to defer EMIs on purchases by a year, if they choose to buy an SUV now. The automaker has also offered a 90-day moratorium on EMIs to customers, allowing them to own vehicles immediately, but start making payments at a later date.
    The company is extending 100 percent on-road funding for its SUVs and is offering interest rates starting from as low as 7.75 percent. Customers can also opt for long tenured loans, going up to eight years. Additionally, EMIs can be structured to gradually increase in value, with the first three months carrying lesser EMI value.
    Customers can opt to pay 50 percent lower EMIs for three months of every year of the loan tenure as well, and choose to pay a quarter of the loan payment at the end of the tenure.
    M&M says it is offering EMIs starting at Rs 1,234 per lakh. The SUV-maker will also offer "yellow board" or taxi funding for fleet operators.
    “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", said Veejay Nakra, CEO, Automotive Division, M&M.
    The company is also offering a 10 basis points discount on the rate of interest for women buyers. Tata Motors and Honda Motor Company announced similar innovative financing options recently, and more are expected to follow suit.
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