Mumbai: Homegrown auto major Mahindra & Mahindra Wednesday launched a new vehicle acquisition scheme that allows customers to lease vehicles for a period of up to five years.
"This offering has been designed at an extremely attractive monthly lease rental starting at Rs 13,499 per month for KUV100NXT and Rs 32,999 per month for XUV500," M&M said in a statement.
Mahindra said that the benefits of leasing to the customers include total convenience, lower or no down payment, zero risk on resale value of the vehicle and a fixed EMI inclusive of maintenance cost. Customers also have the flexibility to upgrade their models.
The lease offering will include services such as insurance, end to end maintenance, on road assistance, accidental repairs, 24 hours replacement vehicle. Mahindra's lease offering can be currently availed in Pune, Ahmedabad, Bangalore, Hyderabad, Mumbai and New Delhi in the first phase of launch. In its next phase, the lease offering will be extended to 19 more cities across India.
The lease offer will be available on Mahindra's personal portfolio of vehicles such as the KUV100, TUV300, Scorpio, Marazzo and XUV500.
The company has partnered with Orix and ALD Automotive for this offering. 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, which aims at bringing in a new class of customers, including professionals and small businessmen, among others. Going forward, I am confident that leasing will gain more currency and the penetration levels will move in line with global trends," said VS Parthasarathy, group chief financial officer and chief information officer, Mahindra & Mahindra.