Maruti Suzuki India has joined hands with HDFC Bank to offer flexible finance schemes for new car buyers. As part of the agreement, Maruti Suzuki customers will have access to a variety of retail finance schemes from HDFC Bank. The schemes are aimed at making car purchases easier for customers, Maruti Suzuki said in a regulatory filing on Thursday. The rollout of the schemes comes at a time when the country's auto sales have crashed amid low demand amid a nationwide lockdown to curb the spread of the coronavirus pandemic, which has hampered the economy and businesses.
Maruti Suzuki customers can avail a variety of retail finance schemes from HDFC Bank as part of the tie-up, including a "step up EMI plus balloon" scheme with an initial EMI of Rs 1,111 per lakh for loan tenures of 84 months, EMIs starting from Rs 899 for the first six months for salaried and first three months for self-employed customers, and a "Flexi EMI" scheme with an option to choose low EMIs for three months every year for the tenor of the loan.
The loans will be sanctioned according to HDFC Bank's policy, Maruti Suzuki said.
"We are confident that our collaboration with HDFC Bank for providing retail financing solutions will benefit our customers. This is an advantage to buyers who may face resource crunch amidst the COVID-19 lockdown," said Shashank Srivastava, executive director (M&S), Maruti Suzuki India.
"This would particularly help customers in the entry level segments," he said.
HDFC Bank will also offer Maruti Suzuki customers the option of a post-approval digital disbursement, in view of the current social distancing norms and the need to reduce physical documentation.
HDFC Bank country head for retail assets Arvind Kapil said: "We are happy to partner with MSIL in the endeavour to provide customized offerings to our customers particularly during the ongoing COVID-19 pandemic."
Maruti Suzuki shares rose as much as 2.51 per cent to Rs 5,373.10 apiece on the BSE on Thursday, At 9:22 am, the Maruti Suzuki stock was up 2.20 per cent at Rs 5,357, outperforming the benchmark S&P BSE Sensex index which was up 1.61 per cent.