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Mahindra Launches REVAi with Smart Finance
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Mahindra REVA is looking at boosting the sales figures of the REVAi electric car across India through group synergies as well as a unique finance scheme.
The Mahindra Group acquired REVA Electric Vehicles Pvt. Ltd. in May 2010 and subsequently floated Mahindra REVA, the electric vehicle arm of the Mahindra Group. Taking this synergy forward is the announcement that the REVAi electric car will now be available at select Mahindra dealerships in Delhi. This announcement closely follows the launch of the REVAi in Hyderabad through select Mahindra dealerships. According to officials, the plan is to have a nationwide presence rapidly.
In order to make the car more accessible to buyers, Mahindra REVA has also tied up with Mahindra Finance to offer a unique finance scheme for those who wish to opt for the REVAi. An interest free, fully refundable deposit of Rs. 1, 00,000/- has to be made at the dealership. Post this, the buyer has to only pay 36 monthly installments of Rs. 8,401/- and drive home the REVAi. After the installment period comes to an end, the buyer has the option to return the vehicle and claim the refundable deposit amount, else if the buyer wishes to keep the vehicle then an additional Rs. 50,000/- payment has to be made. The car will be in the buyers name regardless. This not only does away with the notion of what will be the resale amount, it also makes it easier to afford the REVAi, which is otherwise quite expensive.
The car is powered by an electric motor that incorporates a patented Energy Management System (EMS) that allows for enhanced performance and battery life. The REVAi also boasts of a regenerative braking system that helps charge the batteries while slowing down or applying the brakes. All this translates to the vehicle having a range of 80 kilometers per charge. It can reach a top speed of 80 kmph and thanks to a ‘boost’ function it can reach from 0-40kmph in 7 seconds. The REVAi is literally maintenance free and can seat two adults in considerable ease. The rear seat is best left for small office bags or the groceries.
ZigWheels does the math for you!
Ok so you are considering ‘going green’ and reducing your carbon footprint by buying a Mahindra REVAi. You’ve heard about the unique finance scheme, but just how much is the car going to cost you? Depending on the option you choose, here is the math all sorted out for you.
Option 1: Return the Car in 3 years
Rs. 1,00,000/- (refundable deposit) + (8,401 (monthly installment) x36 (finance period)) – Rs. 1,00,000/- (return of deposit post 3 year tenure) = Rs. 3,02,436/-
Option2: Buy the car after 3 years
Rs. 1,00,000/- (refundable deposit is forgone in this case) + (8,401 (monthly installment) x36 (finance period)) + Rs. 50,000/- ( additional payment) = Rs. 4,52,436/-
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Readers' opinions ( 20 )
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P K GUPTA
i want to buy in down payment how much is the cost and where to buy this car.
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dinesh
I like the face of reva i because it is very cute.
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D. N. Kode
I wish to buy the Reva e2o which will launch in due period. But I am in doubt that, will it be continuously run 500 KM.
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madhu babu
I am working as govt employee .I agree to this scheme. inform me how to approach
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madhu babu
Its my dream to be a Reva car owner so plz give details abt Revai plan of financing .
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