Mahindra Reva launches EMI scheme for new electric car

Company offering five years' installment scheme for all three variants of car

In an effort to improve the sales of its new electric car, e2o, Mahindra Reva Electric Vehicles Pvt Ltd, a part of the $16.7 billion Mahindra Group, today announced an EMI scheme.

The company is offering five years’ installment scheme for all the three variants of the car, wherein the customers will have to pay an upfront cost of the car and pay for the battery over a period of five years at a monthly EMI of Rs 2,599.

The scheme will enable the customer to reduce his upfront purchase cost by close to Rs 2 lakh and also get an EMI (equated monthly installment) option to pay for the battery cost over a period of five years.

The company will take care of the maintenance of the battery for five years. This scheme allows the customer to drive 50,000 kms (800 kms of usage per month) over five years. The company also guarantees the performance of the battery as the ownership of the battery lies with Mahindra Reva, said Chetan Maini, chief executive officer, Mahindra Reva.

The new scheme will enable the customers to even charge their vehicles free of cost at most of the charging stations, he said. “This first of its kind initiative guarantees customers’ battery performance coupled with inflation proof running costs,” he said.

Maini said the company would also commence exports of the new electric car to European markets from October this year. It will be first exported to London and later made available in other markets, he said.

“We are currently undertaking the final tests in European markets and hope to unveil it there by October,” Maini said. Since its launch in March 2013, the company has sold little less than 500 units in the country, he said.