Maruti Suzuki India, the country’s largest carmaker, has announced that it has tied up with ICICI Bank to provide better credit facilities to its customers. Under this, car buyers will get a lower monthly installment facility while a few customers will get a lower installment facility initially. So that they would meet the cash problem due to the Kovid-19 epidemic.
The installment will start from Rs 899 on a loan of Rs 1 lakh. The bank is offering a similar EMI scheme to other Maruti customers. Maruti Suzuki has more than 3,000 sales outlets across the country and ICICI Bank has 5,380 branches. In such a case, all those customers who are planning to buy a car will get the benefit of this offer.
Last week, Maruti partnered with Cholamandalam Investment and Finance Company. The purpose of this partnership is to provide loans to retail buyers in easy installments. Under the “Buy Now Pay Letter” scheme, customers can buy a Maruti car in easy installments. Under the partnership, customers carrying Maruti cars will be exempted from paying EMI for two months. Companies have found this way to attract customers in difficult situations due to coronavirus lockdown.
If you buy a Maruti car under this plan, you will not have to pay any EMI for the next 60 days. If you buy a vehicle by June 30, 2020, you will only benefit. In partnership with Cholamandalam, the vehicles can have up to 90 per cent funding. The scheme is being offered in about 1094 branches across the country.