Maruti Suzuki India (MSIL) has signed a Memorandum of Understanding (MoU) with Karnataka Bank to introduce attractive finance options. Customers can avail of the benefits across 858 branches of Karnataka Bank at metro, urban, semi-urban, and rural locations.
Under the collaboration, customers can avail of loans up to 85 per cent of the on-road price of all new cars from Maruti Suzuki Arena and Nexa showrooms. The car loans will bear an interest rate linked to the external benchmark lending rate. Customers can opt for a tenure of up to 84 months for their loans.
Speaking on the initiative, Shashank Srivastava, Executive Director (Marketing and Sales), Maruti Suzuki India, said, “This partnership is aimed to make the vehicle buying journey easy and affordable for our customers. Rapid technological development and new digital consumer behaviours are determining auto sales across India. In recent years, Maruti Suzuki has taken many initiatives in this direction, including the launch of a digital Smart Finance platform and innovative schemes to help customers buy new cars at an attractive rate of interest and customized EMI as per their requirements. In FY2020-21, under the tie-up with partner financiers, we have financed more than 9.70 lakh vehicles. We are confident that the latest tie-up with Karnataka Bank will help meet the diverse finance requirements of our customers.”