TVS Motor Company has rolled out a first-of-a-kind ‘Buy now Pay after six months’ EMI scheme in the Indian two-wheeler industry for TVS XL100. Once the applicable customer avails the scheme after the purchase of TVS XL100, they are offered a moratorium of six months before the commencement of EMI payment. In effect, the customer gets a six-month holiday from EMI. The Loan to Value (LTV) for this scheme will be 75%.
The current Coronavirus pandemic has had a severe blow to the country’s automobile industry by declining the sales that already was at an all time low since late 2018. The current Covid-19 outbreak has taken a toll on people’s finances and had marred the buying sentiment. As a result, people are now wary of spending on automobiles and are more likely to use the money for other essential things. In a bid to spur demand and reduce the anxiety, automobile makers are offering lucrative financing schemes to rack up sales and such deals are also valid on entry-level vehicles. Case in point, TVS XL100 moped is now available with a ‘Buy Now and Pay Later’ scheme which should help the company sell it in bigger numbers and also help the buyers get the moped without any stress.
This scheme is in-line with TVS Motor Company’s endeavour to create innovative and affordable mobility solutions. It will enable the customers to purchase vehicles for their immediate requirement. The scheme is valid till 31 July, 2020. TVS XL100 is powered by a high spark energy engine that provides solid performance with great pick up, 99.7cc four stroke engine with maximum power 3.20kW (4.3 bhp) @ 6000rpm and maximum torque 6.5 Nm @ 3500 rpm.