Maruti Suzuki partners with Axis Bank for

Maruti Suzuki partners with Axis Bank for easy finance solutions

Attractive Finance Schemes: -          Step-up EMI scheme with (10% yearly EMI increase) tenure upto 7 years. -          Balloon EMI scheme (final EMI 25% of loan amount) with tenure upto 5 years. -          Offers valid till July 31, 2020

Maruti Suzuki India Limited (MSIL), the country’s largest carmaker, today announced its collaboration with Axis Bank, India’s third largest private sector bank to offer easy financing solutions to potential car buyers.  Axis Bank is one of the key private bank partners of Maruti Suzuki India Limited (MSIL) for dealer inventory funding and retail financing solutions. 

The organisations have been working closely over the years and will leverage the strong reach of 3000+ Maruti Suzuki outlets and Axis Bank’s 4500+ extensive branch network to reach out to a wide cross-section of customers across the nation. To support MSIL in addressing the personal mobility needs of customers in the wake of the current pandemic scenario, Axis Bank has offered a variety of convenient EMI schemes.

As a part of the tie-up, Axis Bank will offer attractive flexi EMI options to ease the liquidity and repayment stress of customers during these tough times–

-          100% on-road funding scheme for select Maruti Suzuki customers for a tenure of upto 8 years

Other attractive schemes include:

-Step -Up EMI scheme with tenure upto 7 years (10% yearly EMI increase)

- Balloon EMI scheme with tenure upto 5 years (Final EMI 25% of loan amount)

- Low EMI Scheme for 1st three months, starting with ₹899 per Lakh

Speaking on the partnership, Mr. Pralay Mondal, Executive Director, Head – Retail Banking, Axis Bank said, “It’s always been our endeavor to engage with our esteemed clients and offer them customised finance solutions for different customer needs. Our primary objective has always been to provide ease and convenience for our customers. The COVID-19 Pandemic has created a need for more creative and flexible financing options for Maruti Suzuki car buyers and our best -in-class financing solutions will provide the much-needed hassle-free experience of car buying and financing.”

Speaking about the tie up with Axis Bank, Mr. Shashank Srivastava, Executive Director (M&S) Maruti Suzuki said, “One of the impact of Coronavirus pandemic has been change in people's behavior when it comes to mobility. Concern over safety and maintaining social-distancing has uptick the preference for having a personal vehicle. We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solution for buying cars. With this tie-up our customers will have a wide array of easy finance options to choose from.”

CHOLA PARTNERS WITH MARUTI SUZUKI FOR

CHOLA PARTNERS WITH MARUTI SUZUKI FOR VEHICLE FINANCE

§  ‘Buy Now Pay Later’ to make car financing easier for customers

§  Allows flexibility to customers to pay EMIs after two months of availing the loan

With the aim to finance a new car purchase easy and affordable, Cholamandalam Investment & Finance Company Limited (CIFCL) today announced a partnership with Maruti Suzuki India Limited. The objective of this partnership is to provide customised auto retail financing solutions to retail buyers. The ‘Buy Now Pay Later’ offer is aimed to provide customers with easy financing options.

A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic.

Encouraging people to go for financing of a new vehicle, the ‘Buy Now Pay Later’ offer 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. With Maruti Suzuki’s vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL’s extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

Commenting on the partnership, Mr. Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Limited said, “With the lockdown ending soon but the COVID-19 scare still far from being gone, social distancing is bound to be the new normal for at least some time to come. In such a scenario, owning a vehicle is certainly one of the most practical options to move ahead. Given this backdrop, 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 car dreams without postponing their purchase any further. This partnership is also in line with our continuous endeavour in enabling our customers to ‘Enter a Better Life’.”

Speaking on the customer-centric initiative, Mr. 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 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.”