Drive Mahindra SUV Without Buying: Zero Downpayment, Zero EMI With Subscription (How It Works?)
If you are eager to own a Mahindra XUV700 or the new Thar SUV, you can now opt to bring one home through Mahindra’s new vehicle subscription programme. The company has tied up with vehicle leasing platform Qyicklyz to offer some of its flagship models for subscription.
The subscription programme will be available on Mahindra Auto’s portal and across its dealership network as well as Quicklyz. The subscription model is now available to customers in eight cities across India, including Mumbai, Pune, Delhi, Noida, Gurugram, Bengaluru, Hyderabad and Chennai.
Mahindra’s Subscription Model
The subscription model offers Mahindra cars at a monthly rental of ?21,000. The rental includes the cost of insurance, maintenance and roadside assistance with no additional down payment. The platform will offer the choice of tenure between 24 months and 60 months. Customers will also have the flexibility to select annual kilometer options, starting with 10,000 km per year, according to the statement.
Veejay Nakra who is the Chief Executive Officer of the automotive division at Mahindra and Mahindra has said that, “The ‘pay per use’ model has been specifically designed keeping in mind the changing customer needs. Offering leasing options to customers through our sales channels will provide customers with flexibility and transparency in a simple and convenient manner. Quiklyz will help us target and leverage the potential of India’s expanding car leasing market, further broadening our consumer portfolio.”
No Need For Downpayment
Nakra has also stated that customers will also be able to choose their preferred vehicles with the option to return, buy back or even upgrade to a newer model at the end of the tenure.
Turra Mohammed, Senior Vice President and Business Head at Quiklyz, said, “Vehicle leasing and subscription are becoming a new normal and cost-effective means of accessing a vehicle.”
According to Tura, the vehicle subscription industry is expected to grow at a compound annual growth rate of 15-20% in the next 5-10 years which makes it one of the fast-growing markets in India.
“We are delighted to offer the complete range of SUVs (sports utility vehicles) from Mahindra on leasing through a digital platform. Our aim is to build a strong foothold in this market and further bolster Quiklyz’s brand presence,” Tura said.
Quiklyz has the biggest portfolio of electric vehicles on its subscription platforms. As part of this partnership, Quiklyz will offer Mahindra’s Treo load vehicles for e-commerce fleet operators.