A better chance of owning a luxury car
Residents of India can now own luxury cars in the years to come as an affordable car finance has been made available for the high-priced cars as well.
Car loan assistance was only made for mass market cars, but things turned for the better ever since the establishment of the equated monthly installments or simply EMI. Luxury lines such as the DaimlerChrysler-produced Mercedes Benz and the Germany-established BMW and Audi have started to offer the EMI in India. The EMI amount is considered to be close to those premium cars like Toyota Corolla, Hyundai Sonata, and Honda Accord.
The manufacturers of luxury vehicles have finally offered the EMI as a step taken to alleviate the sales of luxury vehicles. With the availability of finance options, even the middle-class can now afford to buy the likes of a Mercedes Benz vehicle, which is equipped with top-caliber parts like the engine. In the volume car market, approximately 75 percent of all sales are financed, while about 60 percent of luxury cars are financed.
One of the car loans that will help these automobile companies is the ICICI Bank. The Germany-established BMW has only started to assemble its vehicle in India this year, but the company already has the BMW Financial Services courtesy of the said bank. Meanwhile, the Mercedes Benz line also has financial assistance of its own called the Star Choice finance scheme with the same bank.
“There is a large untapped market for our luxury cars, which needs intelligent finance options to rope in customers. With a Rs 30,000 EMI, Mercedes-Benz is now available to a larger segment of customers,” said DaimlerChrysler India CEO Wilfried Aulbur.