Mahindra Finance launches vehicle leasing and subscription brand ‘Quicklys’

Mahindra Finance has launched a dedicated digital platform for Quicklease, which will allow customers to choose and lease their desired vehicles online. Customers can subscribe to a vehicle for an all-inclusive monthly fee, depending on their requirement, for a period of 24 to 60 months.



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Quiklyz allows customers to choose and lease their desired vehicles online through its digital platform

Mahindra Finance, a part of Mahindra Group, has launched its vehicle leasing and subscription business ‘Quicklys’. The company had announced its plans to venture into the new business in September 2021, with the aim of facilitating quick purchases and easy upgrades for customers and not treating car ownership as a long-term commitment. In fact, the company has also launched a dedicated digital platform for Quickleas, which will allow customers to choose and lease their desired vehicles online. Customers can subscribe to the vehicle for a period of 24, 36, 48 or 60 months depending on their requirement at an all inclusive monthly fee.

Talking about entering the leasing and subscription business, Ramesh Iyer, Vice President and Managing Director, Mahindra Finance said, “Car leasing and subscription is a lucrative and fast growing business in India. Our target is ₹10,000 crore. The book size is to be achieved. Over a period of 3-5 years. Leasing is seeing significant traction especially in the last mile mobility sector with EVs, something that our business module will also focus on. With leasing being a relatively new concept, we wanted Mahindra Finance to be at the forefront of this module facilitating millennials and new age corporates alike for hassle-free vehicle ownership”.

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Quiklyz is a multi-branded vehicle leasing platform offering a wide range of vehicles from different manufacturers

Quiklyz will be available for both Corporate (B2B) and Retail (B2C) customers. Under the B2B segment, the company aims to serve corporates and fleet operators, while in the B2C segment, it will target customers with a millennial mindset. In fact, Quiklyz is a multi-branded vehicle leasing platform, offering a wide range of vehicles from different manufacturers. A customer just has to select their designed model, color and variant, enter personal details, upload some basic documents and pay the security deposit to confirm their booking. They can get the car delivered to their home.

Also Read: Mahindra Sees Demand For Subscription Based Ownership Rising Post Lockdown Period

Tura Mohamed, SVP and Business Head – Quicklease, said, “Currently leasing accounts for 10% of corporate registered vehicles, and we expect this to grow to 20-25% over the next 5 years. Retail – B2C In the segment, subscriptions may account for 3-5% of car sales in the next 3-5 years.

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The platform also houses electric vehicles like the Tata Nexon EV

Quiklyz will take care of registration, insurance, scheduled and unscheduled maintenance, roadside assistance, etc., which will be part of the monthly subscription fee. There will be no down payment, service or maintenance charges, and in addition, the car will come with a white number plate and the RC book will be in the name of the individual. Customers also don’t need to worry about resale, and can return, enhance, buy or upgrade the vehicle and end its term. To give you an example, the fixed monthly charges for the Tata Tiago XE manual version in Delhi, with a mileage limit of 10,000 km per year, will be around ₹ 11,799 per month. The same price for Mahindra XUV700 will be Rs 29,099 per month.

Also read: 9 Things To Know About Car/Bike Subscriptions

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The fixed monthly charges for a Mahindra XUV700 with a mileage limit of 10,000 km per year will be ₹29,099 per month.

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Quiklyz will launch its services in metro cities like Bengaluru, Chennai, Delhi, Gurugram, Hyderabad, Mumbai, Noida, Pune and will expand to other cities across India including Tier-II cities covering 30 locations in the next one year. , The company is also in discussions with several automotive OEMs and will soon announce partnerships with them on leasing and subscription. While the company is currently focusing on passenger vehicles, it also aims to integrate three wheelers and commercial vehicles on the Quicklease platform in the future.

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