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Maruti Suzuki Partners With Mahindra Finance To Introduce New Schemes For Its Customers
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.
Agricultural
Scheme
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.