ICICI Bank is offering a range of finance schemes to Maruti Suzuki customers designed to help potential buyers tide by current financial challenges
Maruti Suzuki has partnered with ICICI bank to make available flexible EMI finance schemes. This brigs to the fore customised auto retail financing solutions from ICICI Bank, a longterm preferred retail financing partner of Maruti Suzuki.
With both companies having an extensive network across the country, finance packages on offer are designed to benefit all customers willing to buy a car. With Flexi EMI scheme, customers can pay low EMI initially. This can help overcome liquidity issues that are a result of the current COVID-19 pandemic. EMI starts at Rs 899 on a loan amount of Rs 1 lakh for first three months. Following the 3-month low EMI tenure, EMI amount is higher.
Balloon EMI scheme is designed for EMI at Rs 1,797 per lakh during loan tenure barring last instalment when one-fourth of the loan amount is paid. It’s curated for customers keen to pay lower EMI through the loan tenure.
Step up EMI scheme lets customers pay increased EMI amount up to 10 percent each year as their income increases. EMI could start from Rs 1,752 per lakh in year one, and progressively increase by 10 percent every year for l5-year loan tenure. ICICI Bank offers up to 100 percent on-road funding at their own discretion. Loans are also offered under Pragati – Assessed Income Product (AIP).
Shashank Srivastava, Executive Director (M&S), Maruti Suzuki said, “Low down payment, low EMI products will definitely help aspiring customers to have their own personal mobility solution. We believe the association with ICICI Bank for providing attractive and lucrative financing solutions will definitely benefit our customers.”
No doubt, Covid-19 pandemic has put the automobile industry in doldrums. And there’s no telling how the industry will fare now that business is reopening. Market sentiment is weak with job cuts being a real threat, and whether or not big ticket purchases are now as affordable, only time will tell.
It’s possible that potential customers want to commute in private transport in order to be able to maintain physical distance, and hygiene but cash flow is what everything depends on. Especially decisions regarding discretionary purchases. The availability of flexible EMI schemes are aimed make financing more accessible as per personal circumstance. The above offers are available on select models and for select customers buying Maruti Suzuki cars starting May 2020.