In order to make new car purchase easy and affordable, Maruti Suzuki India Limited announced a partnership with Cholamandalam Investment & Finance Company Limited (CIFCL), a Non-Banking Financial Company.
The partnership will provide customised auto retail financing solutions to retail buyers. The new solution “Buy Now Pay Later Offer’’ is aimed to provide customers with easy financing options.
The company said that a two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic.
“Encouraging people to buy a new vehicle, the ‘Buy Now Pay Later Offer’ will allow customers to start paying the EMIs after 60 days of loan disbursement. This will make the process of car buying more convenient in these unprecedented times. With Maruti Suzuki’s vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL’s extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till 30th June 2020,” the company said in its press release.
Speaking on the customer-centric initiative, Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, “Customers have always been at the heart of Maruti Suzuki’s efforts of making personal mobility accessible. The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customized retail financing to the customers. It is aimed to offer comfort to buyers who may have faced liquidity crunch during the COVID-19 lockdown. I am sure that the “Buy-Now-Pay-Later Offer” will encourage customers towards car purchase without putting immediate extra pressure on their pockets.”
Speaking on the partnership, Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Limited said, “We are very excited to partner with Maruti Suzuki India Limited, a trusted and renowned brand in India. This partnership will give us a strong foot hold in the car financing space, with our 1094 branches spread across semi urban and rural markets. The synergies between the organizations are aimed towards singular focus to bring benefits to the customers. This ‘Buy-Now-PayLater Offer’ will help customers in realizing their dreams without postponing the purchase any further.”
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