Maruti Suzuki India (MSI) on Tuesday said it has joined hands with Mahindra Finance, one of the leading NBFCs for vehicle loans. As per the tie-up, customers can avail wide options for getting their car financed from Mahindra Finance, MSI said in a statement. The companies have come together to ease the availability of finance for customers looking at personal mobility solutions during the ongoing COVID-19 pandemic, it added.
The scheme offers customers to buy now and pay later (2 months). The scheme also offers quarterly EMIs scheme for people in the agriculture sector.
“Mahindra Finance is a very well networked non-banking finance company (NBFC) across India and has the expertise in lending across all profiles including semi-rural, rural and no-income proof customers," MSI Executive Director (Marketing and Sales) Shashank Srivastava said. More than one-third of Maruti's retail sales come from rural India, he added.
Customers will benefit from the range of offers like buy now and pay later, step-up EMI and balloon EMI, he added. MSI has a dealer network of over 3,086 showrooms across the country while Mahindra Finance to has a network of 1,450 branches.
Under the tie-up, Maruti Suzuki customers can avail wide options for getting their car financed from Mahindra Finance including:
- Buy now and pay later: Moratorium scheme of 2 months to help customers manage their cash flows
- Step-up EMI: Unique step-up option at a frequency of 6 months
- Balloon EMI: Customer has to pay 25% of the contract value as of last EMI
- Agricultural customer schemes including quarterly EMIs
- Low down payment scheme
The partnership would support all the customers segments -- salaried, self-employed, agriculturists and businessmen to purchase cars, the auto major said.
(Inputs from PTI)
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