The Indian auto industry took a massive hit due to the coronavirus pandemic and the lockdown that followed. The lockdown came at a time when the industry had nearly hit rock bottom, serving as a major blow to the Indian automotive industry even further. Suffering from dwindling sales thanks to lack of demand from Indian consumers, the customer sentiment for buying new cars was at record lowest in recent times. As the lockdown guidelines are beginning to relax across the nation, business and manufacturing have started resuming operations. To help bring back customers to their showrooms, or digital sales platforms at least, Maruti Suzuki has now announced its collaboration with HDFC Bank to provide new retail financing solutions with low and flexible EMI plans on its cars to benefit its customers.
Maruti Suzuki and HDFC Bank in collaboration are offering many finance schemes that are valid across its model range in India. The schemes are offered for all private vehicle purchases only and do not apply for vehicles intended for commercial use. The three main finance solutions offered by HDFC bank on Maruti Suzuki cars are as follows:
Maruti Suzuki customers will also have the option of a post-approval digital disbursement of loan amount irrespective if they are an existing HDFC customer. This will be achieved through HDFC Bank’s Zip Drive and Digital end-to-end programme.
Additionally, HDFC bank will also be offering up to 100% on-road funding and special interest rates for female customers of Maruti Suzuki cars. Maruti Suzuki mentioned in a press release that the loans will be sanctioned as per the applicable policy of HDFC Bank. In addition, to continue the practice of social distancing, Maruti Suzuki customers will also have the option of a post-approval digital disbursement of loan amount irrespective if they are an existing HDFC customer. This will be achieved through HDFC Bank’s Zip Drive and Digital end-to-end programme.
In addition its collaboration with HDFC Bank, Maruti Suzuki has also tied up with ICICI Bank who are offering low EMIs of Rs 899 per month as well, along with other schemes. Earlier this month, Maruti Suzuki announced its partnership with Cholamandalam Investment & Finance Company Limited who are enabling customers to buy a Maruti Suzuki car now and pay later among other finance solutions.
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