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Maruti Suzuki, Cholamandalam join hands to provide auto retail finance solutions

Autocar Pro 2020-05-22 12:43:44
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Maruti Suzuki, Cholamandalam join hands to provide auto retail finance solutions

Passenger Vehicles

by Autocar Pro News Desk , 22 May 2020

The country’s largest carmaker Maruti Suzuki India has announced a partnership with one of the leading non-banking financial companies, Cholamandalam Investment & Finance Company to make new car purchase easy and affordable.

The objective of this partnership is to provide customised auto retail financing solutions to retail buyers. As part of the offering a new option for customers it to avail ‘Buy Now Pay Later Offer’ for easy financing options. In addition, the partnership will allow higher loan to value, upto 90 percent on-road funding and longer repayment tenure. A two-month deferment of EMI will give advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic.

Encouraging people to buy a new vehicle, the Buy Now Pay Later Offer will allow customers to start paying the EMIs after 60 days of loan disbursement. This the company says will make the process of car buying more convenient in these unprecedented times. With Maruti Suzuki’s vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL’s extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

Speaking on the initiative, Shashank Srivastava, executive director – Marketing & Sales, Maruti Suzuki India 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 will boost convenience by offering customised 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.”

Ravindra Kundu, executive director, Cholamandalam Investment & Finance Company said, “We are very excited to partner with Maruti Suzuki India, a trusted and renowned brand in India. This partnership will give us a strong foot hold in the car financing space, with our 1,094 branches spread across semi urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers. This Buy-Now-Pay-Later Offer will help customers in realising their dreams without postponing the purchase any further.”

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