Just days after rolling out a host of different finance option in partnership with Cholamandalam Finance and ICICI Bank, Maruti Suzuki India has now joined hands with HDFC Bank to offer a range of flexible finance schemes for new car buyers. From flexible EMI options to 100 per cent on-road funding, the package offers multiple finance schemes to suit the different needs of different customers. The company says that these plans will make purchasing a new car easier for consumers, who might be facing financial pressure due to the coronavirus pandemic.
Also Read: Maruti Suzuki Introduces Special Finance Schemes To Boost Car Sales
Under the new finance schemes, Maruti Suzuki customers can avail three different types of flexible EMI options. The first one is the Step-up EMI plus balloon scheme that offers a very low initial EMI of Rs. 1,111 per lakh for loan tenure of 84 months. The second option includes EMI starting from Rs. 899 for the first six months for salaried and first three months for self-employed customers and post that regular rates will apply. The third one, Flexi EMI scheme, gives customers the option to choose low EMIs for 3 months every year for the tenor of the loan. Additionally, car buyers will also have the option to avail 100 per cent on-road funding and special interest rate for women customers.
Maruti Suzuki customers can avail three different types of flexible EMI options
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Speaking on the partnership, Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India said, "We are confident that our collaboration with HDFC Bank for providing retail financing solutions will benefit our customers. This is an advantage to buyers who may face resource crunch amidst the COVID-19 lockdown. New car buyers can select from a host of schemes that will offer low down payment options and low EMIs. This would particularly help customers in the entry-level segments. In addition, digital disbursement makes it more convenient for customers in current times."
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Car buyers will also have the option to avail 100 per cent on-road funding and special interest rate for women customers
Adding to it, Arvind Kapil, Country Head for Retail Assets, HDFC Bank, said, "HDFC Bank has the expertise in providing focussed solutions and operating platforms to offer convenience and customer delight. This partnership will give our customers, products and processes which will enable them to avail of loans at their convenience and on a device of their choice"
Furthermore, in line with the current social distancing norms and the need to reduce physical documentation, HDFC Bank would also be offering Maruti Suzuki customers the option of a post-approval paperless digital disbursement. This is an industry-first initiative from the bank and the programme will be offered to non-HDFC Bank customers as well.
We have already seen similar finance schemes and plans from other carmakers like - Tata Motors, Mahindra, and Mercedes-Benz India. Kia Motors India is also working on a similar strategy and is likely to release its customised finance options soon.
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