Mahindra announces finance schemes on new cars

Mahindra has introduced various finance schemes on new cars.

Mahindra is offering deferred payment option for customers as part of the 'Own Now, Pay in 2021' scheme. The EMI for the vehicle will start next year. Customers also have the option to start paying the EMI after 90 days post the date of purchase.

The Balloon and Step Up EMI scheme has the facility to pay 50% less EMI for 3 months for every year of the loan tenure. 25% of loan payment can be made at the end of the loan tenure. EMIs start at Rs. 1,234 per lakh.

The carmaker is offering 100% on-road funding and the highest loan tenure is 8 years. The lowest interest rate is 7.75%. Besides this, no prepayment / foreclosure charges apply.

Under the special scheme for women, Mahindra is offering a 10 bps discount on the rate of interest.

Mahindra has also launched finance schemes for Covid warriors. Doctors get a 50% processing fee waiver and the option of a 90 day moratorium. A high funding scheme for police personnel is also available. Those looking to buy a Mahindra Pickup will have to pay the same EMI as a BS4 vehicle.