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Maruti Suzuki India Limited (MSIL) has partnered with Mahindra Finance to introduces new finance schemes with flexible EMI plans and more for its customers. The company aims to reduce the initial commitment made while purchasing a new car with the newly launched finance schemes.
Apart from flexible repayment options customers also get a host of other schemes to choose for ease of ownership. Here are all the details about the new finance scheme offers:
Buy Now & Pay Later
Mahindra Finance will offer Maruti Suzuki customer moratorium of two months on the EMI with every new car purchase. Customer who opts for the ‘Buy Now & Pay Later' scheme will not have to pay any instalment for the first two months from the date of purchase. From the third month, regular EMI will be paid.
Step-Up EMI Scheme
Customer looking to pay small EMI amount at the start and looking gradually increase their payouts can consider this finance option. The Step-Up scheme offers a unique advantage of low initial EMIs and increasing the instalment amount by every six months up a certain percentage.
Balloon EMI Scheme
Under this scheme, customers will be paying a lower EMI for the entire repayment tenure except for the last one. With the Ballon EMI scheme, customers will be paying 25 per cent of the loan amount as the final EMI, which will be a large payout.
Customers looking to make large payments over a couple of months in regular intervals can opt for the scheme. The Agricultural scheme requires customers to pay the loan instalments every three months instead of every month, to support cash flow for farmers and other businesses.
In addition to the above finance scheme, Maruti Suzuki customers can also opt for a low downpayment scheme. This reduces the initial committed even further while purchasing a new car during these unprecedented times.
Mr Shashank Srivastava, Executive Director (M&S), Maruti Suzuki India, said, "Mahindra Finance is a very well networked NBFC across India and has the expertise in lending across all profiles including semi-rural, rural and no-income proof customers. More than one-third of Maruti Suzuki's retail sales come from rural India."
"We are extremely confident that this alliance with one of India's largest NBFCs will help in increasing easy finance availability to our customers in the current challenging situation arisen due to COVID-19 pandemic. Customers will benefit from the range of offers like Buy now and Pay Later, Step Up EMI, Balloon EMI etc," he further added.
Mr Ramesh Iyer, Managing Director, Mahindra Finance, said, "We believe that demand in rural will revive the fastest on the backdrop of a good monsoon expectation and less impact of the current pandemic. We are geared up to support and service all customers in these markets."
He further said, "Maruti Suzuki has been a very close and important partner to us. We believe providing a solution is more important than just offering credit. With our widespread branch network serviced through employees recruited locally, we will be able to become a solution provider instead of only a financier to these rural customers."
The company also announced that in last five years they have provided finance to over six lakh Maruti Suzuki customers from Mahindra Finance. Maruti Suzuki and Mahindra finance have 3,086 and 1,450 customer touchpoints across the country, respectively. The new partnership will cater to salaried, self-employed, agriculturists and businessmen to purchase cars.
Thoughts About The Maruti Suzuki Partnering With Mahindra Finance To Introduce New Schemes For Its Customers
Maruti Suzuki is exploring all options to reduce the initial commitment for its customers while purchasing a new car during the ongoing Covid-19 pandemic in the country. The new finance schemes will not only help customers but also help dealerships to increase sales with cars becoming accessible for more buyers.