Maruti Suzuki introduces 'Buy Now Pay Later' offer

Maruti Suzuki introduces 'Buy Now Pay Later' offer New Maruti Suzuki
author image Nikhil Puthran
Friday 22 May 2020, 13:20 PM

The country’s largest car manufacturer, Maruti Suzuki has introduced the ‘Buy Now Pay Later’ offer to provide customised auto retail financing solutions to the retail buyers. The offer also provides customers easy financing options. Maruti Suzuki India Limited has partnered with Cholamandalam Investment and Finance Company Limited (CIFCL), one of the leading non-banking financial companies in the country. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till 30 June 2020.

To encourage people from buying a new vehicle, the ‘Buy Now Pay Later’ offer will allow customers to start paying the EMIs after 60 days of loan disbursement. This will make the process of car buying more convenient in these unprecedented times. This two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the Coronavirus (COVID-19) pandemic. The offer provides benefits like - high loan to value, up to 90 per cent on-road funding, and longer repayment tenure.

Speaking on the customer-centric initiative, Shashank Srivastava, Executive Director (Marketing and Sales), Maruti Suzuki said, “Customers have always been at the heart of Maruti Suzuki’s efforts of making personal mobility accessible. The partnership with Cholamandalam Investment and Finance company Limited will boost convenience by offering customized 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.”

Speaking on the partnership, Ravindra Kundu, Executive Director, Cholamandalam Investment and Finance Company Limited said, “We are very excited to partner with Maruti Suzuki India Limited, a trusted and renowned brand in India. This partnership will give us a strong foothold in the car financing space, with our 1094 branches spread across semi-urban and rural markets. The synergies between the organizations are aimed towards singular focus to bring benefits to the customers. This ‘Buy-Now-Pay-Later’ offer will help customers in realizing their dreams without postponing the purchase any further.”

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