Maruti Suzuki, HDFC Bank tie up to offer car finance benefits to customers: Schemes explained!

Maruti Suzuki and HDFC Bank have recently entered a partnership, all thanks to which customers get different options to choose for financing. For instance, under the ‘step up plus balloon’ EMI scheme, the monthly payments will start at Rs 1,111 per lakh and customers will have to pay remaining amount in the last EMIs. More on this explained below!

By:Published: May 29, 2020 11:47 AM

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The country’s largest private lender, HDFC Bank has joined hand with Maruti Suzuki to offer a ‘teaser’ kind of finance scheme for customers which offers low initial payments. Among various kind of offers in the scheme, it gives customer an option of an EMI as low as `899/lakh for first 6 months of the loan tenure. The loans with lower initial payments, which rise later during the tenure, were termed as ‘teaser loans’ by the RBI in 2008. ICICI Bank had earlier launched a similar scheme on May 26 in partnership with Maruti Suzuki India.

The bank has designed different options for customers to choose for financing. Under the ‘step up plus balloon’ EMI scheme, the monthly payments will start at `1,111 per lakh and customers will have to pay remaining amount in last EMIs. The repayment is structured in a way that the last instalments would work out to be big chunk of the sanctioned amount. The bank is also providing an option of choosing EMI starting from `899 per month per lakh for the first 6 months, and remaining EMIs at the prevalent rates. The other option is a ‘flexi’ EMI, in which there will be low payments for 3 months every year. The bank is also promising lower interest rate for women.

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