Maruti Suzuki partnered with Mahindra Finance to bring easy car finance schemes to customers who wish to buy a car but are faced with a challenge of finance. It is offering many schemes to attract automobile customers one such scheme is ‘Buy now and pay later’.
This partnership would support all the customers segments -- salaried, self employed, agriculturists and businessmen to purchase cars, the company stated.
‘Buy now and pay later’ is a moratorium scheme of two months to help customers manage their cash flow.
Other schemes include:
Step up EMI: Unique step up option at frequency of six months
Balloon EMI: Customer has to pay 25 per cent of the contract value as last EMI
Agricultural customer schemes including quarterly EMIs
Low down payment scheme
In the last five years, over six lakh Maruti Suzuki customers have financed their cars from Mahindra Finance.
Speaking on the partnership with Mahindra Finance, Shashank Srivastava, Executive Director (M&S), Maruti Suzuki India said, “Mahindra Finance is a very well networked NBFC across India and has the expertise in lending across all profiles including semi-rural, rural and no-income proof customers. More than one-third of Maruti Suzuki’s retail sales come from rural India. We are extremely confident that this alliance with one of India’s largest NBFCs will help in increasing easy finance availability to our customers in the current challenging situation arising due to COVID-19 pandemic.”
Speaking on this strategic alliance, Ramesh Iyer, Managing Director, Mahindra Finance, said “We believe that demand in rural areas will revive the fastest on the backdrop of a good monsoon expectation and less impact of the current pandemic. We are geared up to support and service all customers in these markets. Maruti Suzuki has been a very close and important partner to us. We believe providing solutions is more important than just offering credit.”
Maruti Suzuki has a dealer network of over 3,086 showrooms across the country. Mahindra Finance too has a network of 1,450 branches.
