With the aim to make new car purchases easy and affordable, Maruti Suzuki India Limited (MSIL) today announced a partnership with Cholamandalam Investment & Finance Company Limited (CIFCL), one of the leading Non-Banking Financial Companies. The objective of this partnership is to provide custom auto retail financing solutions to retail buyers.
The new solution ‘Buy Now Pay Later Offer’’ is aimed to provide customers with easy financing options. A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic.
By Encouraging people to buy a new vehicle, the ‘Buy Now Pay Later Offer’’ will allow customers to start paying the EMIs after 60 days of loan disbursement. This will make the process of car buying more convenient in these unprecedented times. With Maruti Suzuki’s vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL’s extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till 30th June 2020.
Speaking on the customer-centric initiative, Mr. Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, “Customers have always been at the heart of Maruti Suzuki’s efforts of making personal mobility accessible. The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customized retail financing to the customers. It is aimed to offer comfort to buyers who may have faced liquidity crunch during the COVID-19 lockdown. I am sure that the “Buy-Now-Pay-Later Offer” will encourage customers towards car purchase without putting immediate extra pressure on their pockets.”
Under the ‘Buy Now Pay Later’ scheme, a customer can avail a higher loan to value which can extend upto 90% of the total on-road cost of the car. It also gives the option of longer repayment tenure.
Speaking on the partnership with MSIL, Mr. Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Limited said, “We are very excited to partner with Maruti Suzuki India Limited, a trusted and renowned brand in India. This partnership will give us a strong foothold in the car financing space, with our 1094 branches spread across semi urban and rural markets. The synergies between the organizations are aimed towards singular focus to bring benefits to the customers. This “Buy-Now-Pay-Later Offer” will help customers in realizing their dreams without postponing the purchase any further.”
Maruti Suzuki has restarted both its plant in Haryana- Manesar and Gurgaon after being shut down for almost two-months due to the lockdown imposed nationwide. Since resumption of business, Maruti Suzuki has sold over 5,000 new cars and SUVs have been delivered in India from the brand’s recently reopened outlets. The company has confirmed that over 2,000 workshops have been reactivated as well. However, the workload is low, due to the lockdown still in force across many parts of the country.