Maruti ties up with Mahindra Finance for vehicle loans
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
