The COVID-19 came when the economy and the automobile industry both were struggling – it impacted almost every industry all around the world. But, the automobile industry is recovering now, car manufacturers or OEMs are now encouraging the buyers by special benefits and offers.
Maruti Suzuki, one of the biggest car manufacturing companies in India, introduced the Buy-Now-Pay-Later offer in May 2020 to encourage car buyers. The company officials have also informed in a statement that a “two-month deferment of EMI will bring advantage to car customers who are currently under a resource crunch amidst the COVID-19 pandemic”. However the offer was limited to specific models and applicable on loan disbursement till 30th June 2020.
Also, the Buy-Now-Pay-Later offer will allow customers to start paying the EMIs after 60 days of loan disbursement. Also, the offer provides many benefits like – high loan to value, up to 90 percent on-road funding, and longer repayment tenures.
The M&M has also introduced some financial schemes to encourage the buyers, which includes a 50 percent cut on the processing fee and the option to Buy-Now-Pay-Later (with a 90-day suspension on payment) for the doctors community. Additionally on offer, is a high funding scheme for police personnel, while, women customers will be entitled to a 10-basis point discount on the financing cost.
The M&M is also offering customers to own a BSVI-compliant pick-up, and pay the same EMI as that of a BS-IV vehicle, while an SUV customer can also own the vehicle now and start paying the EMI from 2021.
Mahindra & Mahindra finance options mentioned above was also an limited time offer that we think might have ended in June 2020.
Toyota and Skoda are both lending zero down payment options to pre-qualified buyers. While Toyota has extended the offer to selected customers based on their credit scores, Skoda is also extending the EMI holiday of four to six months. On the other hand, Hyundai is providing an EMI assurance plan to boost sales, and Honda, India is offering upfront discounts of upto Rs. 1 lakh on some selected models.
The festive offers in Dasheera and Diwali will bring more lucrative finance scheme to a car buyer. Some of the car manufacturers like Honda have already announced discounts on New Cars as follows : –
- Offer on New Honda Amaze is upto ₹47,000* that includes Extended Warranty, Cash Discount and additional car exchange discount.
- Upto ₹ 15,000* off on Honda Amaze Special Edition.
- ₹30,000* car exchange offer on All New Honda City – 5th Generation.
- New Honda WR-V & New Honda Jazz to have an offer upto ₹40,000*.
- The biggest offer of ₹ 2,50,000* on Honda Civic.