Maruti Suzuki India Limited has been trying to push the business in a big fashion under the new normal and Unlock 1.0 rules. MSIL has tied up with various financial institutions including HDFC. Now MSIL has confirmed that they have partnered with Mahindra and Mahindra Financial Services India Limited. MFSIL has been financing Maruti Suzuki cars from the last five years. In this time period, the company has helped more than six lakh buyers to get their Maruti Suzuki home. There are more than 1.450 branches of Mahindra Finance all over India. It is being said that this partnership between both the companies will benefit customers from all segments, including the business, salaried and agriculturists. Various schemes are being propagated. These include Balloon EMI, Buy Now and Pay Later, as well as Step Up EMI. Special schemes for agriculturists too are being provided.
Due to the COVID-19 crisis, field visits for loan sanction might not be possible. Hence Maindra Finance is providing a contactless disbursement. There are also on-the-spot approvals for salaried as well as No Income Proof customers. Customers can opt for finance but choose to start paying the EMIs after two months. Agricultural customers get a quarterly EMI scheme as well. As for the Step Up EMI customers, one can choose to increase their monthly installment at a frequency of six months. Balloon EMI customers are asked to pay about 25 per cent of the total value of the loan taken at the end of the contract. Maruti Suzuki and Mahindra Finance assure that there will also be low downpayments on offer. All Maruti Suzuki cars including ones from Nexa, Arena and Commercial can be funded through Mahindra Finance.
Ramesh Iyer, the MD of Mahindra Finance said that the rural car demand will help the economy get back on track. As it is, the monsoon season is almost here and because of the lower impact of the COVID-19 pandemic in villages, revival will be faster. Since Mahindra Finance recruits local employees, they will build a strong connect with the rural market and help deliver optimum solutions to the customers.
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