COVID Times: Mercedes Announces 10-Year Loans; Maruti Explores Leasing Options

New Delhi: Automobile industry is one of the hardest-hit sectors due to the coronavirus-induced lockdown. With near-zero sales in April for most brands, automakers are innovating with more digital options and sanitized environments to lure customers.

Mercedes, one of the earliest luxury car makers in India, recently announced an extended 10-year loan scheme. Called Wishbox 2.0, customers will be exempted from paying EMIs for the first three months. There is a Step-Up 2020 scheme in which a customer can pay low EMIs for the first 6 months and regular EMIs thereafter. The scheme requires a down payment of 20 per cent.

Customers can also get a buyback guarantee after 5 years. The EMI per lakh for this is Rs 1,499.

Maruti Suzuki, on the other hand, is reportedly mulling leasing options for its customers in order to push sales. The company has leasing options for corporates and this might be extended to individual customers as well.

Mahindra, Hyundai and most luxury brands already offer such leasing options.