- Maruti Suzuki partners with Cholamandalam Investment & Finance Company Limited
- They will bring a new solution named “Buy-Now-Pay-Later Offer” for the customers
India’s biggest car manufacturer Maruti Suzuki, on Friday, announced that it is partnering with Cholamandalam Investment & Finance Company Limited in order to offer customised auto retail financing options to its retail customers.
In the new solution called “Buy-Now-Pay_later Offer”, the company will aim to provide the customers with easy financing options, said Maruti Suzuki India (MSI) in a statement.
In this partnership, the companies will also offer a 60 days (2 months) deferment on the Equated Monthly Instalments (EMIs) to its car customers who are currently under tremendous financial stress due to the Coronavirus outbreak, it added.
The company also said that in this new solution, it will allow all of its customers to start paying the EMIs after 60 days from the date of loan disbursement. This offer will be, however, available on select models of Maruti Suzuki and will be applicable on the loans disbursed till the 30th of June 2020.
Shashank Srivastava, Executive Director (Marketing and Sales ), Maruti Suzuki India commented on this partnership saying, “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 of Chonamandalam Investment & Finance Company limited said that the synergy between the two firms is aimed at one thing which is to bring benefits to their customers.
He added, “This partnership will give us a strong foothold in the car financing space, with our 1,094 branches spread across semi urban and rural markets,”.
In this partnership, customers will also be able to avail a higher loan amount to value, up to 90% of the on-road value of the car and even opt for a longer repayment tenure. The statement added that playing in the vast network of 3,086 new car retail showrooms across 1,964 towns and cities of Maruti Suzuki and the extensive branch presence of Cholamandalam Investment & Finance Company Ltd across India, this offer is expected to help a lot many customers.