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Maruti Suzuki India Limited (MSIL) and Karnataka Bank have signed a Memorandum of Understanding (MoU) to introduce attractive finance options in the country. The partnership will provide attractive finance schemes for customers looking to purchase a Maruti Suzuki car of their choice.
Customers can apply for loans of up to 85 per cent of the on-road price depending on the eligibility. The finance schemes are offered for all new vehicles sold under the Maruti Suzuki ARENA and NEXA showrooms. Customers can opt for a tenure of up to 84 months for their loans.
The car loans will bear an interest rate linked to the external benchmark lending rate. Customers can avail of the benefits across 858 branches of Karnataka Bank at metro, urban, semi-urban and rural locations.
Rolling out the customer-friendly initiative, Mr Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said, "This partnership is aimed to make the vehicle buying journey easy and affordable for our customers. Rapid technological development and new digital consumer behaviours are determining auto sales across India."
He further added, "In recent years, Maruti Suzuki has taken many initiatives in this direction, including the launch of a digital Smart Finance platform and innovative schemes to help customers buy new cars at an attractive rate of interest and customized EMI as per their requirements.
In FY2020-21, under the tie-up with partner financiers, we have financed more than 9.7 Lakh vehicles. We are confident that the latest tie-up with Karnataka Bank will help meet the diverse finance requirements of our customers."
Commenting on the partnership, Mr Mahabaleshwara M.S, Managing Director & CEO, Karnataka Bank, said, "This partnership with Maruti Suzuki India will boost the consumers' convenience and ease, at the same time they can have the delightful experience of our digital car loan product, to fulfil their aspirations of owning world-class products from Maruti Suzuki."
He further added, "Karnataka Bank offers car loans through our digital and wide branch network with an indigenously developed end-to-end digital platform for existing as well as new customers, enabled with faster processing capabilities. The partnership offers unflinching commitment towards providing best in class services to our customers as well as the potential buyers of Maruti Suzuki vehicles."
Thoughts About The Maruti Suzuki & Karnataka Bank Partnering To Introduce New Finance Schemes
Maruti Suzuki is offering attractive finance schemes for its customers in partnership with Karnataka Bank. With new finance schemes, making a purchase decision for a new car becomes easier for Maruti Suzuki fans in India.