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04.06 - 23:21
Automakers tie up with banks, NBFCs to lure customers with schemes
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Leading passenger vehicle manufacturers are collaborating with banks and non-banking financial companies to offer attractive financing schemes to customers and boost retail sales.
A prospective customer may choose to pay significantly low instalment for the initial few months and then subsequently increase the payable amount at a pre-defined rate.
Customers will also have the option to start paying the first instalment after a period of 90 days or in some cases even next year.
Sales of passenger vehicles are expected to decline by double digits in the current fiscal due to the covid-19 pandemic. According to Society of Indian Automobile Manufacturers or Siam, overall industry volumes might drop in the range of 25-30% in the current fiscal.
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