Mahindra Finance launches the “Quiklyz” vehicle rental and subscription business
– Provide multi-brand rental and subscription under one roof
– Vehicle use available for retail and corporate customers
Last September, Mahindra Finance announced its entry into the leasing and subscription business under the “Quiklyz” brand. This time around, the company officially launched this new vertical to facilitate a hassle-free vehicle use experience. The Quiklyz digital platform offers a subscription program for home and business customers. Quiklyz allows customers to access new cars without the hassle of owning a car, as the company will take care of registration, insurance, scheduled and unscheduled maintenance, car ownership. ‘roadside assistance, etc.
In the initial phase, Quiklyz will be introduced in metropolitan cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida and Pune. The facility will be further expanded to 30 locations in India (including Tier II cities). The Quiklyz program offers the following benefits:
– No down payment and lower monthly outflows compared to the loan
– No uncertainty about vehicle maintenance costs, resale price etc. with a monthly plan
– White license plate and RC in the name of the individual
– No worries of resale or maintenance
– Wide range of options for the customer at the end of the mandate – return / extension / purchase / upgrade
Speaking about the new business vertical, Ramesh Iyer, Vice President and General Manager of Mahindra Finance, said, “Car leasing and subscription is a lucrative and fast growing business in India. We aim to reach a pound size of Rs 10,000 crore within three to five years. Rental is seeing significant traction in the last mile mobility space, especially with electric vehicles, which our sales module will also focus on. With leasing being a relatively new concept for Indian retail consumers, we wanted Mahindra Finance to be at the forefront of this module that allows millennials and new age businesses to own a vehicle hassle-free.