World over, the rich and prosperous might be selling off their Ferraris and Lamborghinis to stay afloat, but their counterparts in India, it appears, are still in the buying mode. It has prompted luxury carmakers like BMW to throw attractive finance schemes. At a time when interest rates for vehicles are hovering at 14-17%, BMW India has offered a 5.38% interest rate for those opting to buy its BMW 3 Series. The interest rate is applicable only for the 3 Series, which that costs between Rs 27-30.70 lakh.
BMW?s finance arm, BMW Financial Services, has launched the special financing offer at the ?BMW Expo 2008? across BMW dealerships. The special financing and leasing offer has been launched with ICICI Bank and Orix Auto Infrastructure Services. The company has also proposed to offer zero down-payment option for select customers and an interest-free option for a fixed period of time through Orix Auto Infrastructure Services. ICICI Bank is offering fixed interest rates instead of floating interest rates to all loans for BMW customers. For lower fixed interest rate, ICICI Bank is offering 15%.
Peter Kronschnabl, president, BMW India, said that the company is offering prospective customers the flexibility to customise financial schemes according to their requirements.
Vishal Agarwal of Bavaria Motors, BMW?s Pune dealer, said this offer was attractive. He hoped it would help gain good numbers during the festival season. The offer will be valid till October 28. Incidentally, the 3 Series is the BMW?s largest selling model in India. Last year, it accounted for 53% of BMW sales; of the 1,387 cars sold, 743 were 3 Series cars. This year, BMW has already sold 1,832 cars (till August-end).