Maruti Suzuki along with HDFC Bank will offer several options to new car buyers who face a financial crunch during the COVID-19 lockdown
Maruti Suzuki India Limited, leading automakers in India aims to offer easy finance and car loan options to its customers during these difficult days of the coronavirus pandemic. This pandemic which it the country in March 2020 has seen all of India in a state of lockdown.
Businesses and offices are shut and everyone is following the work from home policy. Several persons have lost their jobs and others are taking salary cuts and hence buying of new vehicles at this juncture would be difficult.
This is also the period when use of public transport is being shunned by many in view of social distancing but at the same time, purchasing a new vehicle is also a constraint. The tie up with HDFC Bank is to support prospective buyers with innovative scheme.
Step Up Plus Balloon EMI Scheme starts from Rs.1,111 per 1 lakh for the loan tenure of 84 months. There is also a scheme wherein the EMIs start from Rs.899 per month per lakh for the first 6 months where salaried buyers are concerned and for the first three months for self employed customers.
Flexi EMI Option allows for lower EMIs for 3 months every year for the entire period of the loan. Maruti Suzuki along with HDFC Bank also offers upto 100 percent on road funding and special rate of interest to women customers. Also for the first time HDFC Bank is providing post approval, paperless digital disbursement to Non HDFC Bank customers as well which is being done via its Zip Drive and Digital end to end program.
In a bid to boost business, Maruti Suzuki is also planning to launch leasing service of cars to retail customers via its dealership network. As on date, Skoda, Hyundai and Mahindra have tied up with leasing companies, which have brought new customers to the brand.
The company which accounted for sales of 3.60 lakh vehicles in the fourth quarter ending March 2020, announced zero sales for April 2020 due to the lockdown. Maruti Suzuki has revealed that they have received just 60,000 orders for June which is less than a third of production capacity.
For customers / owners of Maruti cars, whose warranty / free service was expiring during lockdown (between 15th March 2020 to 31st May 2020), there is good news. The company has announced to increase the free service / warranty deadline date to 30th June 2020.