The Indian automotive industry, which is the fastest growing market in India is badly battered by the ongoing Covid-19 pandemic and the lockdown that was imposed in the last week of March. While lockdown meant no sales too place for almost 2 months, easing lockdown has not helped the industry either.
People are worried about visiting the dealerships and buying cars. Also, most of the new car buyers are working from home, resulting in a delay of buying process. While June 2020 some improvement in terms of sales, trade pundits are saying that these numbers are just pent up demand, which means only those people are buying vehicles who were supposed to buy it in March or April.
On the other hand, very few people are actually considering buying a new car. To lure these customers, automakers are now partnering with banks and financial institutions to provide lucrative finance offers to the prospective buyers, ranging from low interest on EMI to free 3 months EMI and more.
Here's few of these partnerships between Maruti Suzuki and leading bank of India and what are they offering:
Partner Bank - HDFC Bank
In a move to help customers make their car purchase easy, Maruti Suzuki India Limited joined hands with India's biggest bank - HDFC Bank Limited to offer bouquet of flexible finance schemes for new car buyers:
• Step up plus Balloon EMI scheme starting at Rs 1,111/- per lakh
• EMI staring from Rs 899 per month per Lac for the first 6 months
• Flexi EMI options - Low EMI for 3 months every year
• Special interest rate for women customers
• Up to 100% on-road funding
• HDFC Bank to provide post approval, paperless digital disbursement to non HDFC Bank customers also
Partner Bank - Axis Bank
Maruti Suzuki collaborated with Axis Bank to offer easy financing options for the potential car buyers. As a part of the tie-up, Axis Bank will offer attractive flexi EMI options to ease the liquidity and repayment stress of customers during these tough times.
• 100% on-road funding for salaried customers for 8 years
• Step-up scheme, EMI starting at ₹1,250 per Lakh
• Balloon EMI scheme (final EMI 25% of loan amount)
• Low EMI Scheme, for 1st three months, starting with ₹899 per Lakh
• Offers valid till July 31, 2020
• Offer for salaried, self-employed and with or without income proof customers.
Partner Bank - ICICI Bank
Maruti Suzuki has also partnered with ICICI Bank to offer customised auto retail financing solutions across the country. ICICI Bank is offering a bouquet of attractive finance schemes to the Maruti Suzuki customers to help them overcome the current financial challenges.
• Flexi EMI scheme to pay low EMI initially starting with a low Rs 899 on a loan amount of Rs 1 lakh for first three months
• In Balloon EMI scheme, customers to pay EMI as low as Rs 1,797 per lakh during the tenure, barring the last installment when they pay one-fourth of the loan amount
• Increase EMI amount up to 10% every year as the income increases. The EMI could start from Rs 1,752 per lakh in the first year of repayment
• ICICI Bank offers up to 100% on-road funding of Maruti Suzuki cars
• ICICI Bank also offers finance under Pragati - Assessed Income Product (AIP) to the prospective Maruti Suzuki.