Called ‘Muthoot Maruti Gold to Car Scheme’ (MMG), the alliance between Muthoot Vehicle and Asset Finance Limited (MVFL) and Maruti Suzuki India Limited will be offered to a larger segment of buyers who find it difficult to arrange for down payment of vehicles. The purchase of vehicles will be funded by MVFL while down payment will be furnished by Muthoot Finance against gold collateral.
This 100% finance scheme is being initially introduced in Kerala and is planned for launch in other states as well. Offering 100% finance will help salaried and business customers besides agriculturalists and NRI though with suitable guarantors.
Muthoot Finance operates in Kerala through a total of 39 branches across 13 districts in Kerala and will aid customers in receiving their cars without any down payment even as the company offers finance to used and new commercial and passenger vehicles besides autos, earth moving and agricultural equipments.