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Maruti Suzuki Introduces Finance Scheme Offers For New Car Buyers: Repayments With Flexible EMIs
Maruti Suzuki India Limited (MSIL) has partnered with ICICI Bank to introduce new finance scheme for new car buyers in the country. Under the new scheme, the company is offering various options of repayment with flexible EMIs.
Both brands have partnered to introduce new finance schemes to help the customers make a purchase decision during these unprecedented times. Maruti Suzuki and ICICI Bank have a host of customer touchpoints across the country that will benefit the customers of all profiles who are willing to buy a car.
Here are all the details about the flexible EMI finance scheme offers:
Flexi
EMI
Scheme
Customer
options
for
the
Flexi
EMI
option
will
be
paying
a
relatively
lower
instalment
of
Rs
899
per
lakh
of
the
loan
amount
borrowed
for
the
first
three
months
for
purchase.
From
the
fourth
month,
Regular
EMI
will
be
paid.
Balloon
EMI
Scheme
Under
this
scheme,
customers
will
be
paying
an
EMI
as
low
as
Rs
1,797
per
lakh
thought
the
loan
tenure.
However,
the
final
instalment
paid
by
the
customer
will
be
one-fourth
of
the
loan
amount.
This
scheme
is
curated
specially
for
the
customers
who
are
keen
to
pay
lower
EMI
through
the
loan
tenure.
Step-Up
EMI
Scheme
Customer
looking
gradually
increase
their
EMI
payout
with
every
year
can
consider
this
option.
This
offers
the
customers
a
unique
advantage
of
increasing
EMI
amount
by
up
to
10
per
cent
every
year.
The
EMI
starts
from
Rs
1,752
per
lakh
in
the
first
year
of
repayment
which
progressively
increases
by
10%
every
year
for
a
loan
tenure
of
five
years.
In addition to the above-mentioned schemes, ICICI Bank is offering up to 100 per cent on-road funding of Maruti Suzuki cars depending on the eligibility. The bank also offers finance under (AIP) Assessed Income Product to the prospective buyers. The finance scheme and offers vary depending on models and variants.
Mr Shashank Srivastava, Executive Director (M&S), Maruti Suzuki, said, "While fighting the prevailing COVID-19 crisis we also need to help customers with attractive auto retail financial solutions. Low down payment, low EMI products will help aspiring customers to have their personal mobility solution. We believe the association with ICICI Bank for providing attractive and lucrative financing solutions will benefit our customers."
Mr Ravi Narayanan, Head - Secured Assets, ICICI Bank, said, "We are delighted to join hands with Maruti Suzuki to offer an array of finance schemes to the car enthusiasts. The Covid-19 pandemic has created a unique situation in the automobile industry, there are sections of customers who want to commute in private transport to maintain social distancing and hygiene, but their cash flow is under temporary stress now."
"Our specially curated, flexible EMI schemes are aimed at helping these customers to fulfil their desire of owning a car. With this partnership, we believe, the MSIL customers will have a convenient and hassle-free experience of purchasing cars with finance from us."
In related news, Maruti Suzuki has partnered with Cholamandalam Investment & Finance Company Limited to offer unique finance options during these unprecedented times. Called the Buy Now, Pay Later', is aimed to offer ease of owning a new vehicle during this year — here are all the details.
The company is also gearing up to introduce a couple of new models and variants in the Indian market. Maruti-Suzuki is expected to start with launching the 2020 S-Cross BS6 models through its Nexa premium dealership chain once the nation-wide lockdown has been completely lifted in the country — here are all the details revealed so far.
Thoughts About The Maruti Suzuki Introducing Flexible EMI Finance Scheme Offers For New Car Buyers
Like most manufacturers, Maruti Suzuki is also introducing new finance schemes to help the customers make a purchase decision during these trying times. It also aims to help the dealerships to boost sales after registering zero sales during April due to the ongoing Covid-19 pandemic and the subsequent nation-wide lockdown announced in the country. Customers can now choose various options to own a new vehicle during the time of social distancing.