Maruti Suzuki partners J&K Bank to strengthen digital car finance platform | The Financial Express

Maruti Suzuki partners J&K Bank to strengthen digital car finance platform

At present, the company has 21 financial institutions onboarded on Maruti Suzuki Smart Finance.

Maruti Suzuki partners J&K Bank to strengthen digital car finance platform
Maruti Suzuki India expects sales of its vehicles with auto gear shift to pick up further next year, according to company Senior Executive Officer, Marketing & Sales Shashank Srivastava.

Maruti Suzuki India has inked a pact with J&K Bank to further strengthen the company’s Smart Finance digital platform. The company said that this partnership will allow its customers to avail financing options across the 984 branches of the bank. 

Since its inception in 2020, Maruti Suzuki Smart Finance has disbursed over INR 39,000 crore worth of loans, allowing over 6.4 lakh customers to finance their cars from the partnered banks.

With a vast network of 3,500 new car retail outlets, this partnership will help Maruti Suzuki offer financing solutions to aid the new car purchase experience for its customers. 

At present, the company has 21 financial institutions onboarded on Maruti Suzuki Smart Finance.  

Through J&K bank, Maruti Suzuki customers can avail loans of up to 90 percent of the on-road price of a car, besides availing benefits of zero processing charges and the option of repayment tenures of up to 84 months at competitive interest rates, a statement from the company said.

Shashank Srivastava, Senior Executive Officer (Marketing & Sales), Maruti Suzuki India, said, “This partnership is aimed to make the vehicle buying journey easy through the various benefits that the bank offers. Since its launch in 2020, Maruti Suzuki Smart Finance has been a one-stop solution where customers can view, compare, and apply for a loan at a competitive rate of interest, and customize their EMI as per their requirements.”

Ashutosh Sareen, General Manager (Credit), J&K Bank, said, “Our latest association with Maruti Suzuki Smart Finance will allow us to simultaneously leverage J&K Bank’s digital platform to provide a modern and convenient financing option for today’s customers who intend to avail a J&K Bank loan from the comfort of their homes. We have recently reviewed and revised our Car Loan product to accommodate the needs of varied clientele across the country, and expect a positive impact from this agreement.”

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First published on: 07-12-2022 at 14:56 IST