Karur Vysya Bank, Maruti Suzuki tie up to offer car loans

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Published: June 18, 2020 3:30 AM

KVB is offering a special product for buyers of Maruti vehicles under which 100% on-road finance with a six-month holiday period will be provided at attractive interest rates (except on Omni & EECO models).

KVB will offer loans for both salaried and self-employed with a repayment period of up to 84 months. KVB will offer loans for both salaried and self-employed with a repayment period of up to 84 months.

Karur Vysya Bank (KVB) has partnered with automobile major Maruti Suzuki to fund buyers of its vehicles. Both existing and new Maruti customers will be eligible for loans from KVB.

KVB is offering a special product for buyers of Maruti vehicles under which 100% on-road finance with a six-month holiday period will be provided at attractive interest rates (except on Omni & EECO models). The loans are available for both salaried and self-employed.

Karur Vysya Bank president & COO J Natarajan said, “Easy availability of finance is a key driver during these times and this partnership with Maruti Suzuki is an important way to offer consumers convenience and cost-effectiveness at the same time. KVB offers customers in-principle loan sanction in 15 minutes and existing customers of the bank can get their loans disbursed on the same day. The entire process, from application to disbursement of the loan, is digitalised with no manual intervention.”

KVB will offer loans for both salaried and self-employed with a repayment period of up to 84 months. Loans are available for non-income proof customers as well.

Maruti Suzuki India executive director Shashank Srivastava said, “About 80% of the new cars are typically financed via a bank in India. In light of the current situation of fighting the Covid-19 pandemic challenges, such customised finance solutions will help boost customer sentiment. Our association with Karur Vysya Bank is another positive step towards providing our customers financial flexibility and ease of owning a new car. We are happy that this customer-focused partnership will pave the way for greater access to financing options and peace of mind to our customers.”

KVB has a branch network of 780 across 22 states and UTs.

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