NEW DELHI :
To boost car sales during the coronavirus lockdown, India's largest carmarker Maruti Suzuki today launched a new offer allowing customers to pay car loan EMIs after two months of getting the loan.
"A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic. Encouraging people to buy a new vehicle, the ‘Buy Now Pay Later Offer’’ will allow customers to start paying the EMIs after 60 days of loan disbursement," Maruti Suzuki India said in a statement.
It said the offer, in partnership with Cholamandalam Investment & Finance Company Limited (CIFCL), will make the process of car buying more convenient in these unprecedented times. With Maruti Suzuki’s vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL’s extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till 30th June this year.
Under the 'Buy Now, Pay Later Offer', car buyers get higher loan to value, upto 90% on-road funding and a longer repayment tenure.
Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki, said, the offer will boost convenience by offering customized retail financing to 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," he said.
Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Limited said, this partnership will give the company a strong foot hold in the car financing space.
With Maruti Suzuki's vast network of 3,086 new car retail outlets across 1,964 cities and towns and Cholamandalam Investment & Finance Company's extensive branch presence across the country, the offer is expected to benefit many customers, he said.