New Delhi: The country's largest car maker Maruti Suzuki India Ltd (MSIL) on Tuesday said it has partnered IndusInd Bank for vehicle financing to help spur sales after resumption of operations following lockdown relaxations.
Through the partnership, consumers can avail of low EMI scheme for the first three months starting at Rs 899 per lakh; step-up scheme with EMI starting with Rs 1,800 per lakh; up to 100 per cent on-road funding for customers with valid income proof, the company said in a statement.
Moreover, customers who do not have valid income proof can avail of up to 100 per cent ex-showroom funding, the statement added.
The offers are valid for all Maruti Suzuki models, it said.
In the wake of the current COVID-19 pandemic scenario, IndusInd Bank has offered a variety of finance options including low EMI scheme, step-up and balloon payment options and funding 100 per cent on-road price for the vehicles.
IndusInd Bank has a wide portfolio that can be customised for needs of salaried, self-employed, agriculturists and businessmen, the statement said.
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Commenting on the partnership, MSIL Executive Director (Marketing & Sales) Shashank Srivastava said, "IndusInd Bank is one of our leading finance partners. This collaboration is aimed at providing support to our customers who might be facing liquidity crunch in the prevalent COVID-19 scenario."
These special structured schemes like low EMI scheme, balloon and step-up EMI schemes will ease the pressure on immediate cash-flow of consumers, he added.
"Also with the bank's expertise in lending to a variety of customers, especially with no income proof, we are extremely confident of the collaboration bringing in convenience to both the rural and urban customers of MSIL," Srivastava said.
IndusInd Bank Head (Consumer Finance Division) S V Parthasarathy said these offers have been curated for customers who are keen on buying a car.
"With this partnership, we aim to fulfill the desires of customers of owning a car of their choice in the most seamless manner," Parthasarathy added.
MSIL has a dealer network of 3,086 showrooms across the country, while IndusInd Bank has a network of more than 1,900 branches. This association would help facilitate the car buyers to avail easy and attractive finance schemes, the statement said.
Maruti partners with Karur Vysya Bank for flexible financing schemes
Maruti Suzuki India has partnered with Karur Vysya Bank to offer simpler and flexible financing schemes for new customers.
Through the partnership with the bank, the company is seeking to offer prospective buyers special scheme of up to 100 per cent on road funding with six months holiday period on all models, except van EECO), loans for both salaried and self-employed customers and repayment period up to 84 months, Maruti Suzuki India said in a statement.
Apart from "attractive rates of interest", the partnership will offer loans to customers with non-income proof as well, it added.
MSI Executive Director (Marketing and Sales) Shashank Srivastava said, to move forward in a changing business environment, the company must take action, combining customer-centered finance products with wide range of options to choose from.
“Our association with Karur Vysya Bank is another positive step towards providing our customers financial flexibility and ease of owning a new car," he stated.
He further said in the light of the current situation of fighting COVID-19 pandemic challenges, the attractive products like EMI holiday period will provide the required financial solution to the customers.
Karur Vysya Bank President and COO J Natarajan said easy availability of finance is a key driver during these times.
"This partnership with Maruti Suzuki is an important way to offer consumers convenience and cost-effectiveness at the same time," Natarajan said.
Karur Vysya Bank offers customers in-principle loan sanction in 15 minutes and existing customer of the bank can get their loans disbursed on the same day with the entire process from application to disbursement of the loan being digitalised with no manual intervention.
The schemes through the partnership will be available across Maruti Suzuki's network of 3,086 new car retail outlets across 1,964 cities and towns, along with with 780 branches of Karur Vysya Bank across 22 states across India.
(PTI Report)
