Maruti Suzuki and HDFC Bank are offering attractive finance schemes for new customers with EMIs starting as low as Rs. 899
Automobile manufacturers are offering attractive discounts across their portfolio to lure in new customers while providing easy buying schemes. Maruti Suzuki India Limited (MSIL) is no different as it has partners with HDFC Bank to avail flexible finance schemes for new car buyers. They can choose from a host of schemes offering low downpayment and easy EMIs.
The partnership enables Maruti Suzuki customers a variety of financial schemes from HDFC Bank including step up EMI plus balloon scheme with a very low initial EMI of Rs. 1,111 per lakh for loan tenure of as long as 84 months. Otherwise, EMI starts as low as Rs. 899 for first six months for salaried and first three months for self-employed customers.
Additionally, flexi EMI scheme with an option to choose low EMIs for 3 months every year for the tenor of the loan is also available. The tie-up also provides special interest rate for women customers, and HDFC Bank will provide post approval, paperless digital disbursement to non HDFC Bank customers as well. Maruti Suzuki and HDFC Bank also presents up to 100 per cent on-road funding.
The largest carmaker in the country aims to enable benefits for the consumers who are hit with resource crisis due to the dire social and economic conditions. Shashank Srivastava, Executive Director (M&S), Maruti Suzuki India said that digital disbursement makes more convenient buying for the new customers in existing times. He further quoted:
“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.”
Arvind Kapil, India Head for Retail Assets, HDFC Bank, said: “We are happy to partner with MSIL in the endeavour to provide customized offerings to our customers particularly during the ongoing COVID-19 pandemic. These are challenging times for the country and we believe it’s the collective responsibility of all stakeholders to provide flexible offerings to customers.”
HDFC Bank believes that its expertise in providing focussed solutions will help in availing loans at customers’ convenience and on a device of their choice. The loans will be sanctioned as per HDFC Bank’s policies and for Maruti Suzuki customers, the option of a post approval digital disbursement is also provided with health and social safety in mind.
The industry-first solution through its Zip Drive and Digital end-to-end programme is applicable for non HDFC Bank customers as well. As four-fifth of the car sales in India is done through finance, Maruti Suzuki with its vast network of 3,086 outlets across 1,964 towns and cities will likely benefit from the new finance schemes.