Kolkata: First generation entrepreneurs, young professionals and doctors purchasing luxury cars are opting for tailor-made finance schemes that offer a guaranteed future value for vehicles, enhancing the flexibility and affordability of owning the cars.
While four out of five cars sold by Mercedes-Benz India (MBI) are financed, one out of five customers purchase cars through the Star Agility finance scheme that suit their finance requirements.
“Even though the ticket of financed cars have increased by up to 50% in last five years, the Star Agility penetration has increased by 63% in 2023 and we expect this growth to continue as more customers opt for this innovative and customer centric finance programme that allows the customer the freedom and convenience to decide to buy the vehicle at residual value, continue to finance it or return the vehicle at the end of the contract period,” MBI managing director & chief executive officer Santosh Iyer said.
A-Class, GLA-Class, C-Class and GLC are some of the most preferred car models sold through the scheme that results in 50% lower monthly commitment and up to 40% lower EMI.
German rival BMW that has a similar product called BMW 360° said eight out of 10 cars financed by BMW India Financial Services are through BMW and MINI 360°. In 2023, the company registered its highest-ever BMW and MINI 360° contracts.
“We are witnessing a steadily increasing demand for tailor-made financial solutions. BMW 360° includes attractive monthly installments, reduced rate of interest for selective models, assured buy-back options and flexible term-end opportunities among other benefits,” an official said.
BMW 360° includes attractive monthly instalments, reduced rate of interest for selective models, assured buy-back options and flexible term-end opportunities among other benefits. Customers can choose from a range of tenures (24 months, 36 months, 48 months and 60 months) with assured buyback towards the end of tenure. Customers have the option to upgrade to a new BMW vehicle of their choice, refinance the buyback amount or retain the existing vehicle.
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While four out of five cars sold by Mercedes-Benz India (MBI) are financed, one out of five customers purchase cars through the Star Agility finance scheme that suit their finance requirements.
“Even though the ticket of financed cars have increased by up to 50% in last five years, the Star Agility penetration has increased by 63% in 2023 and we expect this growth to continue as more customers opt for this innovative and customer centric finance programme that allows the customer the freedom and convenience to decide to buy the vehicle at residual value, continue to finance it or return the vehicle at the end of the contract period,” MBI managing director & chief executive officer Santosh Iyer said.
A-Class, GLA-Class, C-Class and GLC are some of the most preferred car models sold through the scheme that results in 50% lower monthly commitment and up to 40% lower EMI.
German rival BMW that has a similar product called BMW 360° said eight out of 10 cars financed by BMW India Financial Services are through BMW and MINI 360°. In 2023, the company registered its highest-ever BMW and MINI 360° contracts.
“We are witnessing a steadily increasing demand for tailor-made financial solutions. BMW 360° includes attractive monthly installments, reduced rate of interest for selective models, assured buy-back options and flexible term-end opportunities among other benefits,” an official said.
BMW 360° includes attractive monthly instalments, reduced rate of interest for selective models, assured buy-back options and flexible term-end opportunities among other benefits. Customers can choose from a range of tenures (24 months, 36 months, 48 months and 60 months) with assured buyback towards the end of tenure. Customers have the option to upgrade to a new BMW vehicle of their choice, refinance the buyback amount or retain the existing vehicle.
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The Margao Municipal Council (MMC) faces severe financial strain with outstanding revenue of Rs 12 crore. Revenue losses from tax evasion and non-operational trade licenses contribute to this strain. The municipality aims to bring evaders into the tax net and recover arrears. Over 60% of commercial premises operate without a license, depriving the MMC of trade tax.