Maruti Suzuki has partnered with Cholamandalam Investment & Finance Company to offer attractive finance schemes to new customers.
Customers availing this offer can start paying the EMIs after 60 days of loan disbursement.
The scheme is however applicable on loan disbursement till 30 June 2020.
The finance offer is very helpful for those who are looking to travel in their personal vehicles to ensure sanitation and social distancing.
Ever since the car manufacturers restarted their operations, dealerships and manufacturing facilities, they have announced a number of attractive discount schemes, financial deals and buying options to lure in new customers.
Maruti Suzuki India Limited (MSIL) has joined the fray and released an official statement regarding its new finance schemes in partnership with a leading non-banking financial company, Cholamandalam Investment & Finance Company Limited (CIFCL). Maruti Suzuki said that it endeavors to provide customized retail financing solutions to private buyers, and The ‘Buy Now Pay Later Offer’ finance scheme aims at giving customers easy financing options. This scheme should help lighten the financial burden of buying a car a little bit.
This finance scheme from the largest car maker and seller in India will allow customers to start paying the EMIs after 60 days of loan disbursement. This will make the process of car buying more convenient in these unprecedented times. This two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 (Coronavirus) pandemic.
The scheme also provides a longer repayment tenure of up to 7 years. In addition, the loan can be availed for up to 90% of the on-road price of the car. So new Maruti Suzuki car buyers will have to pay 10% on-road price of their car as downpayment, and then start paying EMI on up to 7 years duration loan after 2 months. This scheme is valid only for loans disbursed till 30th June 2020.
Shashank Srivastava, Executive Director of Marketing & Sales at Maruti Suzuki said about the finance scheme that, “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 customized 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.”
Ravindra Kundu, Executive Director at Cholamandalam Investment & Finance Company Limited said, “We are very excited to partner with Maruti Suzuki India Limited, a trusted and renowned brand in India. This partnership will give us a strong foot hold in the car financing space, with our 1094 branches spread across semi urban and rural markets. The synergies between the organizations are aimed towards singular focus to bring benefits to the customers. This “Buy-Now-Pay-Later Offer” will help customers in realizing their dreams without postponing the purchase any further.”
The COVID19 pandemic has severely affected plans of people who were looking to buy a car. This scheme is aimed at buyers who are facing a liquidity crunch at the moment.
Maruti Suzuki said that the finance scheme would encourage people to buy new cars as the consumers would have to pay for what they bought on EMI only after two months of loan disbursement. Maruti Suzuki has a retailing network of 3,086 dealer outlets across 1,964 cities and towns in India, while Cholamandalam Investment & Finance Company has a network of 1,094 branches.
Also Read: Discounts on Maruti Suzuki Cars