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Maruti Suzuki India Limited (MSIL) has collaborated with IndusInd Bank to introduces new finance schemes for its customers. This includes flexible EMI plans, 100 per cent on-road finance and more.
Both organizations aim to reduce the initial commitment made by customers while purchasing a new car with the newly launched finance schemes. This should help boost sales for auto manufacture during these unprecedented times.
Mr Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India said, "IndusInd Bank is one of our leading finance partners. This collaboration is aimed at providing support to our customers who might be facing a liquidity crunch in the prevalent COVID-19 scenario."
"These special structured schemes like low EMI scheme, balloon and step-up EMI schemes, will ease the pressure on the immediate cash-flow of consumers. Also with the bank's expertise in lending to a variety of customers especially with no income proof, we are extremely confident of the collaboration bringing convenience to both the rural and urban customers of MSIL," he further added.
Here are the complete details of new finance schemes:
Low EMI Scheme
Customers opting for this repayment option will be paying a very low EMI of Rs 899 per lakh of the loan amount. This will help customers who are looking for very less initial commitment while purchasing a new car.
Step-Up EMI Scheme
Customer looking gradually increase their EMI payout with every year can consider this option. The EMI starts from Rs 1,800 per lakh in the first year of repayment which progressively increases by every year for the loan tenure.
Balloon EMI Scheme
Under this scheme, customers will be paying a very low EMI throughout the loan tenure. However, the final instalment paid by the customer will be 25 per cent of the loan amount. This scheme will help with very minimal cost of ownership through finance.
In addition to the above-mentioned schemes, IndusInd Bank is offering up to 100 per cent on-road funding for customers with income proof. Without income proof, customers can still avail 100 per cent ex-showroom finance. The finance scheme and offers are valid across all models in the brand's line-up. IndusInd Bank has a wide portfolio that can be customised for needs of salaried, self-employed, agriculturists and businessmen.
Mr SV Parthasarathy, Head (Consumer Finance Division), IndusInd Bank, said, "At IndusInd Bank, we are delighted to team up with MSIL to roll out these curated offerings for customers who are keen on buying a car. With this partnership, we aim to fulfil the desires of customers of owing a car of their choice in the most seamless manner. This initiative is a testament to our unflinching commitment towards building flexibility in customizing solutions for our valued customers."
Thoughts About The Maruti Suzuki & Induslnd Bank Partnering To Introduce Flexible EMI & Other Finance Offers
Most of the automotive brand has partnered with banks to introduce easy finance options for its customers to help make a new vehicle purchase decision. With a host of repayment options, the partnership aims to provide attractive schemes to suit customers preference.