Maruti Suzuki India (MSI) has teamed up with Mahindra Finance to “ease the finance availability for customers looking at personal mobility solutions during the ongoing COVID-19 pandemic”, the company said in a press release. Maruti Suzuki has been trying to step up its business in a big way under the new normal and Unlock 1.0 rules.
Mahindra Financial Services India Limited(MFSIL) has been financing Maruti Suzuki cars from the last five years and has offered services to over six lakh customers. In this time period, the company has helped more than six lakh buyers to get their Maruti Suzuki home. There are more than 1.450 branches of Mahindra Finance all over India.
Details About The Schemes
As Maruti Suzuki says, through the partnership, the NBFC will offer the car buyers ‘Buy Now Pay Later’ scheme of 2 months, step-up EMI scheme with 6 monthly EMI increase, instant loan approval, etc. The automaker also says that the schemes will be available for all Maruti Suzuki models. It is being said that this partnership between both the companies will benefit customers from all segments, including the business, salaried and agriculturists. Special schemes for agriculturists too are being provided.
The coronavirus outbreak has added to the woes of the auto sector that was passing through one of its worst slumps. The tie-up is aimed at pushing sales in rural areas, which have, so far, been spared by the virus. Due to the COVID-19 crisis, field visits for loan sanction might not be possible. Hence Mahindra Finance is providing a contactless disbursement. There are also on-the-spot approvals for salaried as well as No Income Proof customers.
Ramesh Iyer, the MD of Mahindra Finance said that the rural car demand will help the economy get back on track. As it is, the monsoon season is almost here and because of the lower impact of the COVID-19 pandemic in villages, revival will be faster. Since Mahindra Finance recruits local employees, they will build a strong connection with the rural market and help deliver optimum solutions to the customers.
Customers can opt for finance but choose to start paying the EMIs after two months under the ‘Buy Now Pay Later’ scheme. Agricultural customers get a quarterly EMI scheme as well. As for the Step Up EMI customers, one can choose to increase their monthly installment at a frequency of six months. Balloon EMI customers are asked to pay about 25 percent of the total value of the loan taken at the end of the contract. Maruti Suzuki and Mahindra Finance assure that there will also be low down payments on offer. All Maruti Suzuki cars including ones from Nexa, Arena and Commercial can be funded through Mahindra Finance.