Maruti Suzuki ties up with Cholamandalam Investment & Finance; launches ‘Buy-Now-Pay-Later Offer’
- The country’s largest carmaker Maruti Suzuki India on Friday announced partnership with Cholamandalam Investment & Finance Company Ltd to provide customised auto retail financing solutions to retail buyers.
- The new solution ‘Buy-Now-Pay-Later Offer’ is aimed to provide customers with easy financing options, Maruti Suzuki India (MSI).
- Under the partnership, the companies are also offering a two-month deferment of Equated Monthly Installment (EMI) to car customers who currently are under resource crunch amidst the COVID-19 pandemic.
- The new solution will allow customers to start paying the EMIs after 60 days of loan disbursement. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.
- Commenting on the partnership, MSI Executive Director (Marketing & Sales) Shashank Srivastava said, “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.”
- “This partnership will give us a strong foothold in the car financing space, with our 1,094 branches spread across semi urban and rural markets,”
- Customers can also avail higher loan to value, up to 90 per cent of on-road funding and opt for longer repayment tenure.
- 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.
About Maruti Suzuki India-
- Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is an automobile manufacturer in India. It is a 56.21% owned subsidiary of the Japanese car and motorcycle manufacturer Suzuki Motor Corporation.
- Founded– 1981
- Headquarter – New Delhi
- Managing Director & CEO- Kenichi Ayukawa
About Cholamandalam Investment and Finance Company (CIFCL)-
- Cholamandalam Investment and Finance Company Limited is a financial and investment service provider in India. It is headquartered in Chennai and has 1029 branches across the country. It is one of the 28 businesses under the Murugappa Group.
- Founded– 1978
- Headquarters– Chennai, Tamil Nadu
- Managing Director– Arun Alagappan
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