Easy financing solutions are the order of the day in the automotive industry. Buying a new car has become significantly harder in recent times, owing to the current global pandemic and its widespread effects on the economy. In a recent announcement by Maruti Suzuki India Limited (MSIL), the country’s largest carmaker, announced its collaboration with Axis Bank, India’s third-largest private sector bank to offer easy financing solutions to potential car buyers.
Axis Bank is one of the key private bank partners of Maruti Suzuki India Limited (MSIL) for dealer inventory funding and retail financing solutions. The organisations have been working closely over the years and will leverage the strong reach of 3000+ Maruti Suzuki outlets and Axis Bank’s 4500+ extensive branch network to reach out to a wide cross-section of customers across the nation. To support MSIL in addressing the personal mobility needs of customers in the wake of the current pandemic scenario, Axis Bank has offered a variety of convenient EMI schemes.
As a part of the tie-up, Axis Bank will offer attractive flexible EMI options to ease the liquidity and repayment stress of customers during these tough times–
- 100% on-road funding scheme for select Maruti Suzuki customers for a tenure of upto 8 years
Other attractive schemes include:
-Step -Up EMI scheme with tenure upto 7 years (10% yearly EMI increase)
– Balloon EMI scheme with tenure upto 5 years (Final EMI 25% of loan amount)
– Low EMI Scheme for 1st three months, starting with ₹899 per Lakh
Speaking on the partnership, Mr. Pralay Mondal, Executive Director, Head – Retail Banking, Axis Bank said, “It’s always been our endeavour to engage with our esteemed clients and offer them customised finance solutions for different customer needs. Our primary objective has always been to provide ease and convenience for our customers. The COVID-19 Pandemic has created a need for more creative and flexible financing options for Maruti Suzuki car buyers and our best-in-class financing solutions will provide the much-needed hassle-free experience of car buying and financing.”
Speaking about the tie-up with Axis Bank, Mr. Shashank Srivastava, Executive Director (M&S) Maruti Suzuki said, “One of the impacts of Coronavirus pandemic has been change in people’s behaviour when it comes to mobility. Concern over safety and maintaining social-distancing has uptick the preference for having a personal vehicle. We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solution for buying cars. With this tie-up, our customers will have a wide array of easy finance options to choose from.”
In other news, like every year, Maruti Suzuki kicked off its Monsoon Campaign for customers across the country. The Company is offering complimentary monsoon-ready vehicle health check under this initiative. Trained and expert service technicians will inspect the customer’s vehicle on a pre-defined checklist to ensure trouble-free performance during the rainy season.