Maruti Suzuki India Limited (MSIL) has partnered with ICICI Bank to introduce new finance scheme for new car buyers in the country. Under the new scheme, the company is offering various options of repayment with flexible EMIs.
Both brands have partnered to introduce new finance schemes to help the customers make a purchase decision during these unprecedented times. Maruti Suzuki and ICICI Bank have a host of customer touchpoints across the country that will benefit the customers of all profiles who are willing to buy a car.
Here are all the details about the flexible EMI finance scheme offers:
Flexi EMI Scheme
Customer options for the Flexi EMI option will be paying a relatively lower instalment of Rs 899 per lakh of the loan amount borrowed for the first three months for purchase. From the fourth month, Regular EMI will be paid.
Balloon EMI Scheme
Under this scheme, customers will be paying an EMI as low as Rs 1,797 per lakh thought the loan tenure. However, the final instalment paid by the customer will be one-fourth of the loan amount. This scheme is curated specially for the customers who are keen to pay lower EMI through the loan tenure.
Step-Up EMI Scheme
Customer looking gradually increase their EMI payout with every year can consider this option. This offers the customers a unique advantage of increasing EMI amount by up to 10 per cent every year. The EMI starts from Rs 1,752 per lakh in the first year of repayment which progressively increases by 10% every year for a loan tenure of five years.
In addition to the above-mentioned schemes, ICICI Bank is offering up to 100 per cent on-road funding of Maruti Suzuki cars depending on the eligibility. The bank also offers finance under (AIP) Assessed Income Product to the prospective buyers. The finance scheme and offers vary depending on models and variants.
Mr Shashank Srivastava, Executive Director (M&S), Maruti Suzuki, said, “While fighting the prevailing COVID-19 crisis we also need to help customers with attractive auto retail financial solutions. Low down payment, low EMI products will help aspiring customers to have their personal mobility solution. We believe the association with ICICI Bank for providing attractive and lucrative financing solutions will benefit our customers.”
Mr Ravi Narayanan, Head – Secured Assets, ICICI Bank, said, “We are delighted to join hands with Maruti Suzuki to offer an array of finance schemes to the car enthusiasts. The Covid-19 pandemic has created a unique situation in the automobile industry, there are sections of customers who want to commute in private transport to maintain social distancing and hygiene, but their cash flow is under temporary stress now.”
“Our specially curated, flexible EMI schemes are aimed at helping these customers to fulfil their desire of owning a car. With this partnership, we believe, the MSIL customers will have a convenient and hassle-free experience of purchasing cars with finance from us.”
In related news, Maruti Suzuki has partnered with Cholamandalam Investment & Finance Company Limited to offer unique finance options during these unprecedented times. Called the Buy Now, Pay Later’, is aimed to offer ease of owning a new vehicle during this year — here are all the details.
The company is also gearing up to introduce a couple of new models and variants in the Indian market. Maruti-Suzuki is expected to start with launching the 2020 S-Cross BS6 models through its Nexa premium dealership chain once the nation-wide lockdown has been completely lifted in the country — here are all the details revealed so far.
Thoughts About The Maruti Suzuki Introducing Flexible EMI Finance Scheme Offers For New Car Buyers
Like most manufacturers, Maruti Suzuki is also introducing new finance schemes to help the customers make a purchase decision during these trying times. It also aims to help the dealerships to boost sales after registering zero sales during April due to the ongoing Covid-19 pandemic and the subsequent nation-wide lockdown announced in the country. Customers can now choose various options to own a new vehicle during the time of social distancing.