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Mumbai: Mahindra & Mahindra Financial Services Limited (Mahindra Finance) on Thursday forayed into the vehicle leasing and subscription business.

The new vertical would operate under the brand name ‘Quiklyz’, denoting the changing mindset on mobility, it said.

According to the company, with the process of owing a vehicle at an inflection point, consumers now want to access vehicles earlier in their life and upgrade their vehicles faster than ever before.

“Leasing and Subscription model offered by ‘Quiklyz’ provides exactly that; where consumer pays a monthly fee to access the vehicle of their choice across all car brands, at a lower price point vs. regular car ownership. Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models," it said.

Ramesh Iyer, vice-chairman and managing director, Mahindra Finance said it aims to make the process of ownership convenient for consumers both for individual and corporate segments alike.

“I am confident ‘Quiklyz’ will add substantial value to our existing financial business portfolio as we aspire to tap all emerging opportunities in this space," said Iyer.

Turra Mohammed, senior vice-president and head (leasing and subscription) at Mahindra Finance said a very important set of consumers for its new business will be the millennials who aspire to not only owning a vehicle, but to do so in a hassle-free manner.

“‘Quiklyz’ will provide that convenience while allowing them to frequently change or upgrade to newer models entering the market without any down payment. For corporates as well, leasing is fast emerging as a viable option both for providing cars to their employees and obtaining vehicles for their business use," said Mohammed.

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