With the festive season around the corner, Indiaâ€™s major automakers are pulling out all the stops to lure customers with lucrative offers. After several quarters of low sales, passenger vehicles have started to see some recovery in the past two quarters, with sales increasing 26% in September. From Tata Motors and Maruti, to luxury carmakers such as Audi and BMW, they are all now banking on the recovering demand and are offering deals and easy financing options ahead of the festive season.
Indiaâ€™s largest carmaker Maruti Suzuki is offering various discounts, depending on the model and the state in which a customer is buying the car.
According to industry sources, direct consumer offers such as discounts of up to Rs 10,000-20,000 are being offered. Besides, there are several corporate tie-ups where people can get additional discounts on displaying their ID. There is also a special discount for government employees.
So, a customer get up to Rs 40,000-60,000 off on the car purchase by clubbing all the discounts.
The Maruti XL6 multi-purpose vehicle is available with discounts of up to Rs 44,200, including exchange benefits of up to Rs 20,000.
The Celerio too, has discounts and benefits of up to Rs 62,000.
Tata Motors, in collaboration with HDFC Bank, has rolled out finance offers for its passenger vehicle customers.
It launched â€˜Gradual Step Up Schemeâ€™, where customers can avail EMI options as low as Rs 799 per lakh per month, depending on the product and variant at an â€˜attractiveâ€™ interest rate. As per the scheme, the EMI payments gradually increase over a period of 2 years depending on the payment convenience of the buyer.
There is also a Flexi Drive scheme where consumer can choose any 3 months every year, where they can pay minimum EMI (Rs 789/- per lakh per month, depending on the product and variant) as per their convenience.
Available till the end of November 2020, these offers can be redeemed on the entire New Forever BS VI range of cars and SUVs along with the companyâ€™s EV range.
There are also model-specific discounts such as its compact sedan Tata Tigor, which is being offered with benefits of up to Rs 30,000.
Tata Harrierâ€™s mid and lower variants too have discounts and benefits of up to Rs 65,000. This also includes an exchange bonus of up to Rs 40,000.
Hyundai India is offering benefits of up to Rs 1 lakh based on the model and the variant. Among the models receiving festive benefits are Santro, Elite i20, Grand i10, Grand i10 Nios, Aura and the Elantra. The offer is valid on purchases made between October 1 and October 31, 2020. Buyers can log on to the brandâ€™s online sales platform â€˜Click to Buyâ€™ or go to any of the authorised dealerships across the country to avail the offers.
The Hyundai i20 is getting up to Rs 75,000 off this festive season, while consumers can avail a discount of up to Rs 60,000 on Hyundai Grand i10. Consumers can get up to Rs 1 lakh off on the Hyundai Elantra.
Hyundai Elantra also has discounts of up to Rs 1 lakh.
Mahindra is offering cash discounts and exchange bonuses across various models, along with other benefits as well.
Mahindra KUV100 NXT has discounts across its four variants such as an exchange bonus of up to Rs 20,000. It has also tied up with corporates to offer discounts on the car. Total benefits and offers on the car come up to about Rs 62,000.
Mahindraâ€™s SUV Alturas G4 has massive benefits of up to Rs 3.06 lakh, which also includes an exchange benefit.
Mahindra Scorpio, along with corporate discounts, is offering benefits of up to Rs 41,000.
Toyota Kirloskar Motor has also unveiled special offers for salaried individuals. The company is offering flexible finance options, including a three-month EMI holiday.
The offers have been rolled out across a range of vehicles including the recently launched compact sports utility vehicle, the Urban Cruiser, Soni added in a statement. The petrol-only mid-size sedan Toyota Yaris can be had with benefits of up to Rs 60,000.
With the auto sector facing a difficult situation in general, coupled with the coronavirus-induced lockdowns, the luxury vehicle segment has been the worst hit with nearly 40% contraction in sales during this calendar year. And now, luxury carmakers are going all out to make the most of the upcoming festive season with lucrative offers to recover lost ground.
Audi has introduced the Festive Celebration Programmes on select products, which may include a lower rate of interest up to five years.
For existing customers, Audi is also making re-purchase and upgrades easier by way of special Loyalty and Exchange Programmes. The luxury carmaker is also collaborating with banks to offer low EMIs for customers looking to purchase a pre-owned car.
Mercedes-Benz is offering EMIs starting from Rs 39,999 for the C-Class segment at 7.99% interest and complimentary insurance for the first year amongst others.
German luxury carmaker BMW is offering Easy Start and BMW 360 schemes which offer low EMIs, assured buy-back value and flexible end of term options. BMW India Financial Services is offering interest rate as low as 5.55% on select models. It is also offering Service Inclusive and Service Inclusive Plus to decrease the cost of ownership.
Besides, the carmaker is also offering the MINI Countryman Cooper S at 6.99% interest rate with complimentary service package of 5 years or 100,000 km.