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Maruti Suzuki India on Thursday announced the launch of their online financing platform – Smart Finance - for Maruti Suzuki ARENA customers across 30+ cities. "With the launch of Smart Finance, now 24 out of 26 steps in the customer vehicle purchase journey have been digitised," Maruti Suzuki said in a regulatory filing.

"Smart Finance offers customers a ONE-STOP-SHOP solution for vehicle finance needs. The services include the option to choose among a wide range of finance products based on customer needs, selecting the best-suited loan product, completion of all finance related formalities and disbursal of loan, with just a few clicks," the company said.

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Maruti Suzuki website will act as a facilitator between the customer and the financier providing real-time status updates and in turn, provide a hassle-free and transparent financing solution. "Going forward, different structured schemes such as balloon and step-up offers, among others can also be reviewed on one screen," it added.

Smart Finance also offers transparency in loan tracking, consumers will be able to check the status of the loan online at each stage of the process in real-time.

Maruti Suzuki has onboarded twelve financiers for this facility: State Bank of India, HDFC Bank, Mahindra Finance, ICICI Bank, IndusInd Bank, Bank of Baroda, Cholamandalam Finance, Kotak Mahindra Prime, Axis Bank, AU Small Finance Bank, Yes Bank and HDB Financial Services.

Speaking on the initiative, Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India said, “Maruti Suzuki is India’s first OEM to offer an online end-to-end real-time car finance service facility. We are overwhelmed with the response to our Smart Finance platform from our NEXA customers. Now, we want to extend the ease of a car buying journey for our ARENA customers as well. The pandemic situation in the country has further increased the usage of digital platforms. With Smart Finance, we aim to reach out to a larger audience, assist them and make every stage of the loan process transparent."

The Smart Finance service is now available for ARENA customers in 30+ cities including Delhi, NCR, Jaipur, Ahmedabad, Pune, Mumbai, Bangalore, Chennai, Hyderabad, Lucknow, Indore, Kolkata, Cochin, Chandigarh, Guwahati, Goa, Bhubaneswar, Bhopal, Coimbatore, Surat, Vadodara, Ranchi, Raipur, Nagpur, Trivandrum, Vishakhapatnam, Udaipur, Kanpur, Vijayawada and Dehradun.

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