Maruti Suzuki India Limited on Thursday announced a partnership with Cholamandalam Investment & Finance Company Limited (CIFCL) to offer auto retail financing solutions to retail buyers. The new solution is aimed at providing easy finance to retail buyers.
Customers can choose between different financial solutions such as “Buy now pay later”, High loan to value, up to 90 percent on road funding, longer repayment tenure, and a two-month deferment of EMI. The offer will be available on select Maruti Suzuki models and will be applicable to loan disbursement till 30th June. The “Buy Now Pay Later” will allow customers to start repaying the EMI 60 days later of loan disbursement.
Reason for the action by Maruti Suzuki
The ongoing lockdown has severely impacted the sales of car manufactures. The COVID-19 pandemic bought the, already declining, demand for automobiles to near zero. The largest automobile manufacturer Maruti Suzuki reported zero sales last month.
To attract new customers during the ongoing crisis Maruti is partnered with Cholamandalam Investment & Finance Company Limited to bring this offer to customers. This is done by Maruti Suzuki to help retail customers who are facing a liquidity crisis due to the ongoing lockdown.
Speaking about the offer the Mr. Shashank Srivastva, Executive Director of Sales & Marketing, 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.”
Mr. Ravinder 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.” Click here to read the official news posted on the company website.
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