Mahindra rolls out new finance schemes amid Covid-19 lockdown

For Covid Warriors (doctors and police officials), M&M is also offering a moratorium of 90 days and a high funding scheme.

By:Published: May 20, 2020 10:23:21 AM

From extended loan tenures to loan moratorium for the entire 2020, automotive major Mahindra and Mahindra (M&M) is rolling out the red carpet for buyers. In a bid to ease burden in these troubled times, M&M on Tuesday announced several innovative finance schemes for those looking to buy a new vehicle. These financial plans are aimed at reducing the stress of upfront payouts. The company announced special schemes for women, doctors, police officers and essential services providers, giving them an array of payment options. Under one of its schemes, buyers can purchase the vehicle on finance but pay in 2021. The finance option would have a built-in moratorium of 90 days. The automaker is also providing 100% on road-financing with an extended loan tenure of eight years. In addition, the company is offering BS-VI vehicles at the same EMI (equated monthly instalment) as the earlier BS-IV model.

Veejay Nakra, CEO (automotive division), M&M, said, “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”.

For Covid Warriors (doctors and police officials), M&M is offering a moratorium of 90 days and a high funding scheme too. And for those who wish to start paying EMIs only in 2021, the company is facilitating the same. The company said some of these were an industry first. The rate of interest offered for buying a Mahindra vehicle would could be as low as 7.75%.

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