Mahindra & Mahindra Ltd. (M&M) has introduced a personal vehicle leasing option for retail buyers to make the vehicle usage process more affordable and convenient.
This offering, introduced in partnership with leading leasing services companies Orix and ALD Automotive, has been designed at a monthly lease rental starting at ₹13,499 per month for KUV100NXT and ₹32,999 per month for XUV500.
“The benefits of leasing include total convenience, lower or no down payment, zero risk on resale value of the vehicle and a fixed EMI,” M&M said.
The lease offering, include, services such as insurance, end-to-end maintenance, on road assistance, accidental repairs and 24 hours replacement vehicles to ensure hassle-free experience while using Mahindra vehicles.
This offering will cater to individual leasing for working professionals, SMEs and will be available across Pune, Ahmedabad, Bengaluru, Hyderabad, Mumbai and New Delhi in the first phase. Later, 19 more cities will be included.
The lease offer will be available on KUV100, TUV300, Scorpio, Marazzo and XUV500. The leased vehicle will be available for period of up to 5 years depending on the city and model selected.
“Our leasing model is a category creating product offering, a ‘no-worry’ experience for customers who prefer convenience over ownership,” said V.S. Parthasarathy, Group CFO & Group CIO, M&M.
“It aims to bring a new class of customers, including professionals, small businessmen and millennials, into the M&M car experience, who were waiting on the side-lines,.” he said.
Veejay Ram Nakra, chief of sales and marketing, automotive division, M&M said: “Our lease offering aligns with our larger vision of transforming the face of mobility in India, disruption being at the very core. With this offering, we hope to help our customers fulfil their aspiration of driving their desired vehicles without necessarily owning them.”
Leasing is gaining increasing acceptance in the market and offers greater convenience compared to actually owning a car. It also makes the entry easier with no initial down payment. Customers also have the flexibility to upgrade their models. Once the lease scheme is over, the person can return the vehicle to the company without the hassle of reselling it, and get a new vehicle.
