Quiklyz, the vehicle leasing and subscription business vertical of Mahindra & Mahindra Financial Services , on Wednesday said it will offer the widest range of electric vehicles (EVs) for leasing and subscription to potential customers.

Quiklyz currently has a large portfolio of EVs on its digital subscription platform, Mahindra Finance said in a statement.

The portfolio spans across electric 4W from the leading OEMs offering electric vehicles including Mahindra, Tata Motors, Mercedes-Benz, MG Motors, Audi, and Jaguar as well as electric 3W load vehicles from Mahindra and Piaggio for e-commerce fleet operators.

The statement emphasised that customers will have the flexibility to upgrade their vehicle in 2-3 years keeping in tune with ever increasing technology features in newer EV launches going forward.

“The EVs on-road price is currently higher than petrol and diesel vehicles, although the running cost is much lower. The customers intending to purchase EV vehicles through bank loans therefore must pay very high down payment,” Mahindra Finance said.

However, with Quiklyz there is no requirement for down payment, and monthly subscription charges for EV 4W starts from ₹21,399 per month and ₹13,549 for electric 3W load. The monthly fee covers insurance, maintenance and road-side assistance and flexibility to upgrade.

No risk or uncertainty

Quiklyz’s said its vehicle subscription model ensures that there’s no risk or uncertainty about maintenance, battery life, resale value, etc. when it comes to adopting a new technology

Turra Mohammed, SVP & Business Head – Quiklyz, said: “Quiklyz will continue to focus on EVs and will create an exciting platform for customers to have access to EVs in an affordable and hassle-free manner. All of this will be in keeping with India’s commitment to become carbon-neutral by 2070”.

Suman Mishra, CEO Mahindra Electric, said: “Leasing & Subscription is becoming an important channel for our Electric 3W specifically in load segment to new age enterprises. We look forward to continuing working with Quiklyz to provide such innovative financing solutions for our customers.”