Maruti Suzuki India has introduced a set of lucrative finance schemes to boost car sales in India, as we see more relaxation with Lockdown 4.0. The company has announced partnering with Cholamandalam Investment & Finance Company to roll out special financing options like - Buy Now, Pay Later Offer, up to 90 per cent on-road funding, and long tenure loans, among others. Maruti Suzuki says that the objective of this partnership is to provide customised auto retail financing solutions to customers, thus promoting personal mobility.
Under the Buy Now, Pay Later scheme, customers who might currently be under resource crunch amidst the coronavirus pandemic, will have the option to avail a 60 days moratorium on their EMIs. However, this offer is available on select Maruti Suzuki models and will be applicable on loan disbursement taking place on or before June 30, 2020. We have already seen Tata Motors and Mahindra roll out similar finance scheme earlier this week.
Also Read: Due To Social Distancing, Maruti Expects Car Boom After Lockdown Ends
Under the Buy Now, Pay Later scheme, Maruti Suzuki customers will have the option to avail a 60 days moratorium on their EMIs
Speaking about the new initiative, Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, "Customers have always been at the heart of Maruti Suzuki's efforts of making personal mobility accessible. The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customised retail financing to the customers. It is aimed to offer comfort to buyers who may have faced liquidity crunch during the COVID-19 lockdown. I am sure that the "Buy-Now-Pay-Later Offer" will encourage customers towards car purchase without putting immediate extra pressure on their pockets."
Also Read: Personal Mobility The Way Forward For Consumers: carandbike Survey
Earlier in April, R.C. Bhargava, Chairman, Maruti Suzuki India had said that "If buyers become apprehensive of sharing space with another passenger it will increase demand for vehicles." In fact, a recently conducted survey by carandbike supports this idea, highlighting the fact that going forward people will be wary of using various forms of public transport owing to hygiene and social distancing issues. This means there could be a huge shift towards more people looking at buying personal vehicles.
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