To help customers ease their financial burden of buying a new car, Maruti Suzuki has introduced a new buy now, pay later offer. Maruti Suzuki has announced its partnership with Cholamandalam Investment & Finance Company and through this partnership, it aims to make car buying easier for its customers. With the partnership, Maruti Suzuki customers will have the flexibility defer their EMI’s for two months after availing the finance option.
Cholamandalam Investment & Finance Company Limited (CIFCL) is one of the leading non-banking financial companies in India. With the new venture between the automaker and the finance company, both companies aim to provide a customised auto retail financing solution to Maruti Suzuki retail customers with the new “Buy now Pay Later” offer. Should the customer opt for the new offer, a two-month deferment of EMI will be available on the purchase of a new Maruti Suzuki car. This offer is designed to ease the financial burden on customers, especially in the immediate post-COVID-19 era and thus making it more convenient in these unprecedented times.
Executive Director (Marketing & Sales), Maruti Suzuki, Shashank Srivastava said, “The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customised retail financing to the 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.”
Executive Director, Cholamandalam Investment & Finance Company Limited, Ravindra Kundu commented, “We are very excited to partner with Maruti Suzuki India Limited, a trusted and renowned brand in India. This partnership will give us a strong foothold in the car financing space, with our 1094 branches spread across semi-urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers.”
Maruti Suzuki India has a vast dealer network of 3,086 dealerships spread across 1968 cities in India. With 1,094 CIFCL branches across the nation, the manufacturer stated that it expects the new offer to benefit many of its customers. However, the offer will only be available on select Maruti Suzuki models and will only be applicable on loan disbursement till June 30, 2020.
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