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By Rohit Vaid
To arrest the sales decline triggered by the Covid-19 pandemic, players in the luxury automobile space have gone on an offers’ offensive, making customer the ‘Absolute King’.
On offer are direct discounts and indirect value added propositions like ‘free insurance’ and ‘service packs’.
Accordingly, discounts ranging from 5 to as much as 8.5 per cent on ultra-luxury cars and SUVs are being bestowed.
The high price tag on these vehicle has resulted in a mindboggling discounted value.
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On a broad range, these discounts depending on the actual price will range from Rs 2.5 to Rs 8.5 lakh and beyond.
Apart from discounts, indirect offers such as attractive financing solutions, minimum resale value, free insurance or service warranty from 3 to 5 years and other such provisions are being dished out.
“We have commenced our ‘Festive Celebration Programmes’ on certain products for this festive season,” Balbir Singh Dhillon, Head of Audi India, told IANS.
“This may include a lower rate of interest or a peace of mind package, upto five years. In addition, for existing customers, we are making re-purchase and upgrades easier through special ‘Loyalty and Exchange Programmes’. We have also tied up with banks to provide a low EMI, for customers who wish to buy a pre-owned car through our ‘Audi Approved Plus’ dealerships.”
“We are seeing positive customer sentiment in the luxury car market and anticipate it to become even stronger with the upcoming festive season. We also anticipate the pre-owned car business to further pick up steam during the festive period.”
Just prior to the festive season, the company has introduced the Audi Q2.
It was launched with a ‘Complimentary Peace of Mind’ benefit bundled with a 5 year service package with “2+3 years Extended Warranty and 2+3 years Road Side Assistance”.
On its part, Mercedes-Benz India is offering attractive financial packages with ‘Unlock Celebrations’ campaign for the festive season.
The luxury auto maker is offering benefits to customers which include low EMI starting from Rs 39,999 for the C-Class. With a ROI of 7.99 per cent and complimentary first year insurance amongst others.
Recently, it reported a marked recovery in sales with an off-take of 5,007 units in the period from January to September 2020.
Another luxury auto maker, BMW Group India is offering ‘Easy Start’ and ‘BMW 360’ which provide for exclusive financial packages.
Under the ‘Easy Start’ programme, the company is offering upto 40 per cent lower equated monthly instalments for the first 2.5 years. Further, the offer provides for low rate of interest that differs depending on the model.
The ‘BMW 360’ scheme offers low monthly payments, assured buy-back value and flexible end of term options. A big advantage is the guaranteed buy-back value which is immune to market fluctuations and is computed on the ex-showroom price instead of retail price.
As part of ongoing festive offers, BMW India Financial Services is offering an effective rate of interest as low as 5.55 per cent on select models.
Want to read more in Hindi? Checkout: दिल्ली में 95 प्रतिशत प्रदूषण के लिए “AAP” जिम्मेदार : भाजपा
Besides, the luxury auto maker is also offering ‘Service Inclusive and Service Inclusive Plus’ which further reduce cost of ownership.
Other promotional schemes in the market are offering the MINI Countryman Cooper S at 6.99 per cent Rate of Interest with complimentary service package of 5 years or 100,000 km.
But these prices might not remain low for long, as BMW Group India has announced that it will increase prices across the BMW and MINI product portfolio with effect from November 1, due to rising costs and depreciating currency.
Other players such as JLR are providing Land Rover Discovery Sport with attractive ‘Finance Offers EMI’ from Rs 57,900 in addition to an annual bullet of Rs 4.07 lakh.
Industry insiders have cited the massive contraction in sales as the trigger for such a trend.
As per estimates, a sales decline between 25 and 40 per cent is expected during the calendar year 2020.
“All major luxury car OEMs are offering discounts either directly (cash discount, exchange bonus, loyalty bonuses) or indirectly by attractive financing solutions,”
said Ashish Modani, Vice President, ICRA.
“ICRA expects over 40 per cent contraction in luxury car volume during CY2020, as demand was already weak during Q1CY2020 and Covid-19 related lockdown further dented demand during Q2CY2020.”
According to Sridhar V, Partner, Grant Thornton Bharat LLP: “While PV volumes have been healthy and in general have done well in the recent months post lockdown the luxury segment has been struggling with a significant dip in volume ( Sept 20 over Sept 19 has seen a dip of 27 per cent), which has made them focus on discounts and other monetary benefits to push the sales.”
“We are also seeing some of the luxury car makers coming up with smaller sedans and SUV from their portfolio to catch the attention of the younger customers and those looking at reasonable price points to own such brands.”
However, not all direct offers are standard across models, some are even given by certain dealerships.
“Some older variants, especially diesel guzzlers are being de-stocked by dealerships, they are the ones giving discounts,” an industry insider told IANS.
“However, not many units are available with the dealerships as new and refreshed models are constantly being added.” (IANS)
By- Blogger Indifi
EMI is known as equated monthly installments. It is a fixed payment made by the borrower each month to repay the loan amount. The EMI is divided into two loan components. One is the principal amount, and the second is the interest amount. Whether you are applying for a personal loan, business loan, home loan, car loan, or education loan, EMIs are easy to calculate using the EMI loan calculator.
Three parameters based on which EMI calculator works:
- Loan amount.
- Repayment tenure.
- Rate of interest (offered by the lender).
Factors that affect the Loan EMIs
Above, we have discussed the main parameters on which loan EMI is based. Here are the factors that affect the EMIs.
Changes in the loan interest rate: There are three loan interest rates -- fixed, floating, and hybrid.
When an interest rate offered on a loan is fixed, in that scenario, there are no changes in the EMIs.
A floating interest rate is linked to the marginal cost of the fund-based lending rate and can change the loan EMIs. As the rate is flexible, it keeps changing per the repo rate.
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If you have taken the loan on a hybrid interest rate, the interest rate is fixed only for a particular tenure. After that, it is on MCLR to decide the interest rate, and based on the determined interest rate, the EMI changes.
Tenure: When you opt for a loan transfer from one lender to another, there may be a possibility of change in the loan tenure. It will also bring changes in the EMI calculations. If the tenure increases, it will decrease the EMI. In case the tenure is reduced, EMI will increase.
Sample loan chart of a business company Image source: wikimedia commons
The loan amount of repayment is also a reason that affects a loan's EMI. If you make a loan prepayment, it reduces the outstanding principal amount, based on which the EMI amount or tenure is changed.
Benefits of using an online EMI calculator:
- Find out exact EMIs to be paid monthly for any loan.
- Saves time.
- Get a detailed overview of loans applied using the amortization schedule.
- Plan your monthly finances well in advance.
You can set multiple schedules and loan tenures. After a detailed schedule comparison, choose the one that suits well with your financial requirements.
Significance of loan amortization schedule in EMI calculator
A loan amortization schedule data shows the EMI break-ups. It shows how much EMI you need to pay for interest and what you will pay as the principal amount. It is one of the most significant advantages of using the EMI calculator. The EMIs that you pay as principal will keep reducing the loan's principal amount. It will also result in decreasing the interest amount. You will get to know all these things when you use the EMI loan calculator frequently. The amortization schedule is one of the essential features of an EMI loan calculator that helps design the proper prepayment schedule.
The different types of EMI calculators
Home loan EMI calculator
Home loans are one of the most popular and common loans applied for in India. It has a long tenure and a sizable principal amount. Whenever you apply for a home loan, it is essential to do all the EMI calculations in advance. There are various home loan EMI calculators available online with every home loan provider. All that is required to calculate the EMI is the loan amount, tenure, and interest rate. Using a home loan EMI calculator can help you easily plan your finances.
Business loan EMI calculator
Like home loans, business loans also come with a massive principal amount and longer tenures. So, using the business loan online EMI calculator is a smart way to calculate the business loan EMIs. Requirements are the essential loan details, such as repayment tenure, interest rate, and the loan amount. Online, equated monthly installment is automatically calculated at the lender's website.
Personal loan EMI Calculator
Personal loans are multipurpose. It is the reason they are considered as the most applied loan to meet immediate financial requirements. For choosing the right loan amount, you must use the personal loan EMI calculator. It will help you to choose the best interest rate loan offer and tenure. Try to go with the shorter term to pay less interest on the principal amount.
Sample of External Loan amounts Image source: wikimedia commons
Education loan EMI calculator
Education costs increase each year and can cause financial strains on a family. If you are planning to send your child overseas for higher education by applying for an education loan, at that time, the EMI calculator proves to be the best online financial tool. It will help you to decide the right EMI amount where your daily expenses remain unaffected.
Simple interest loan EMI calculator
An EMI calculator is used to calculate the simple interest applicable on the loan amount for a specified tenure. It is one of the most accessible financial tools. All that is required is tenure, a simple interest rate, and the borrowed amount. After that, click on 'calculate' to know the exact EMI to be paid.
Loan against property EMI calculator
If you have any residential or commercial property registered in your name, you can apply for a loan against the property. It is a kind of secured loan, where the property is kept as collateral. To understand how EMI works under this loan scheme, use the loan against the property EMI calculator.
Overall, EMI loan calculators are one of the best financial tools to compare varied loan offers. It provides a clear picture of the total cost of the loan and respective EMIs to be paid monthly. Online EMI calculators are available on every lender's website; whether you are applying for a business loan online, home loan, car loan, personal loan, or any other loan, using the online EMI calculator can help. Just with a click of a mouse, you can keep control of your financial life.
The online EMI loan calculator has been programmed with the formula based on the loan applied. There is no need to worry about the accuracy of the result. All that you are required to share for the calculator to do its job accurately is the right amount, tenure, and interest rate offered by the lender.
Disclaimer: (This article is sponsored and include some commercial links)
The symbol of Swastika is known to signify peace, prosperity, and good fortune in the religious cultures of Eurasia. In fact, this symbol is considered very significant in Hinduism, Buddhism, and Jainism. But, at the same time, it has become one of the most misunderstood religious symbols and has been globally banned in many countries.
The reason why the symbol of Swastika is banned in many countries is because of its association with Adolf Hitler's extreme political ideology, Nazism, as Swastika as its official symbol.
Austria, France, Latvia, Spain, Germany, and Russia are amongst the many countries that have banned the display and use of the Swastika.
Moreover, last week Victoria in Australia is preparing to become the first-ever state to ban the public display of the Swastika. This is a step towards an expansion of anti-vilification laws in the state.
Representation of the Swastika on the flag of Adolf Hitler's Nazi Movement.Photo by Flickr.
Now, we must know and understand what went wrong with this symbol, which is sacred and signifies all-good things.
For a very, very long time, in India, the Swastika is the first emblem that is worshipped or even drawn before any sacred and auspicious ceremonies as this symbol in Sanskrit represents 'well-being'. But, the Swastika lost all its credibility when it was wrongfully used by Adolf Hitler.
In fact, it is believed that if this symbol is worshipped properly, then it gives positive results. But if it is abused, then it gives negative results. So, when Adolf Hitler rotated the Swastika at 45 degrees, it slowly and steadily brought misery not only to Adolf Hitler and his theory of Nazism but also to all the people who were associated with him.
Therefore, in order to give the kind of respect and credibility which the Swastika deserves, World Interfaith Harmony Week which was held in New York in February this year, interfaith groups appealed to the United Nations to recognize and acknowledge the Swastika as an important and peaceful symbol. In fact, they also differentiated it from the Hakenkreuz or "Hooked Cross" of Adolf Hitler.
India celebrated a historic day on August 7, as 23-year-old Neeraj Chopra became the first Indian to win an Olympic gold medal in athletics. In the men's javelin throw event, he achieved his greatest triumph, throwing the javelin 87.58 meters on his second try.
Neeraj Chopra was born on December 24, 1997, in Khandra village in Haryana's Panipat district. He grew up in a Haryanavi family of farmers. He is the brother of two sisters. He graduated from Dayanand Anglo-Vedic College in Chandigarh and is now enrolled in Lovely Professional University in Jalandhar, Punjab, pursuing a Bachelor of Arts degree. Chopra was bullied due to his obesity as a kid, which prompted his father to enroll him in a nearby gym. He then joined a gym in Panipat, where Jaiveer Choudhary, a javelin thrower, noticed his potential and coached him. When the 13-year-old Chopra finished training under Jaiveer for a year, he was enrolled at the Tau Devi Lal Sports Complex in Panchkula, where he began training under coach Naseem Ahmed.
In 2018, he broke the world record in the javelin throw and became India's first-ever gold medalist in the javelin throw. He is also a laureate of the Arjuna Award for 2018. | Wikimedia Commons
Chopra's first international medal came in 2014, as he took home a silver medal at the Youth Olympic Qualification Tournament in Bangkok. In 2015, he set a world record in the junior category of 81.04 meters in the 2015 All India Inter-University Athletics Meet.
Since emerging into the public eye with a historic gold medal at the junior world championships in 2016, he has maintained a high level of performance, setting an Under-20 world record of 86.48m, which still stands. Gold medals in both the 2018 Commonwealth Games and the 2018 Asian Games are among his other accomplishments, including a first-place in the 2017 Asian Championships. In 2018, he broke the world record in the javelin throw and became India's first-ever gold medalist in the javelin throw. He is also a laureate of the Arjuna Award for 2018.
Chopra has also had his share of bad events in life. In 2019, he underwent surgery on the elbow of his right throwing arm, which kept him out of the game for almost a year. However, he returned more robust than ever. In November 2019, he went to South Africa to train from Klaus Bartoneitz. He spent the following year in India training at the NIS Patiala because of the COVID-19 pandemic. He was allowed to go to France with his coach after weeks of trying to get a travel visa.
Neeraj Chopra made history in the 2020 Tokyo Olympics by becoming the first Indian to win a gold medal in athletics. Also, it is worth mentioning that after Abhinav Bindra, Chopra is only the second Indian to win an individual gold medal.
Keywords: Neeraj Chopra, Olympics, Tokyo2020, Gold medal, javelin, India, Haryana