Maruti Suzuki Announces ‘Buy Now Pay Later’ Scheme For Easy Car Buying

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Maruti Suzuki has partnered with Cholamandalam Investment & Finance Company to offer attractive finance schemes for new customers

Ever since the automotive industry restarted its operations via reopening of dealerships and manufacturing facility, the carmakers 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 schemes.

In partnership with Cholamandalam Investment & Finance Company Limited (CIFCL), a leading non-banking financial company, Maruti Suzuki endeavors to provide customised retail financing solutions to private buyers. The ‘Buy Now Pay Later Offer’ solution aims at giving customers easy financing options according to the brand and some of the highlights are mentioned below.

The largest carmaker in the country provides up to 90 per cent road funding in association with Cholamandalam Investment & Finance Company Limited alongside the longer repayment tenure, higher loan to value and the more important ‘Buy Now Pay Later’ scheme. The latter implies to a two-month deferment of EMI as Maruti Suzuki believes it will have an advantage of bringing in new customers who are currently facing crunch times as far as monetary resources are concerned.

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The Indo-Japanese manufacturer says it will encourage people to buy new cars as the consumers will be in a position to pay for what they bought as EMI only after two months of loan disbursement. The partnership will benefit plenty of customers according to Maruti Suzuki as it has a retailing network comprising of 3,086 dealer outlets across 1,964 cities and towns.

Moreover, Cholamandalam Investment & Finance Company Limited (CIFCL) also has a wide footprint. The ‘Buy Now Pay Later’ financial solution has been made available only on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020. Mr. Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki commented on the initiative saying:

“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.”

Mr. Ravindra Kundu, Executive Director, 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 automobile sector is currently on a road to recovery and it will take several months for the country to regain its economic strength. Customer-centric financial schemes being offered by the brands will be of much aid in attracting new buyers as we lead up to the festive season in the coming months.