The country's largest car maker Maruti Suzuki India Ltd (MSIL) on Tuesday said it has partnered IndusInd Bank for vehicle financing to help spur sales after resumption of operations following lockdown relaxations.
Through the partnership, consumers can avail of low EMI scheme for the first three months starting at Rs 899 per lakh; step-up scheme with EMI starting with Rs 1,800 per lakh; up to 100 per cent on-road funding for customers with valid income proof, the company said in a statement.
Moreover, customers who do not have valid income proof can avail of up to 100 per cent ex-showroom funding, the statement added.
The offers are valid for all Maruti Suzuki models, it said.
In the wake of the current COVID-19 pandemic scenario, IndusInd Bank has offered a variety of finance options including low EMI scheme, step-up and balloon payment options and funding 100 per cent on-road price for the vehicles.
IndusInd Bank has a wide portfolio that can be customised for needs of salaried, self-employed, agriculturists and businessmen, the statement said.
Commenting on the partnership, MSIL Executive Director (Marketing & Sales) Shashank Srivastava said, "IndusInd Bank is one of our leading finance partners. This collaboration is aimed at providing support to our customers who might be facing liquidity crunch in the prevalent COVID-19 scenario."
These special structured schemes like low EMI scheme, balloon and step-up EMI schemes will ease the pressure on immediate cash-flow of consumers, he added.
"Also with the bank's expertise in lending to a variety of customers, especially with no income proof, we are extremely confident of the collaboration bringing in convenience to both the rural and urban customers of MSIL," Srivastava said.
IndusInd Bank Head (Consumer Finance Division) S V Parthasarathy said these offers have been curated for customers who are keen on buying a car.
"With this partnership, we aim to fulfil the desires of customers of owning a car of their choice in the most seamless manner," Parthasarathy added.
MSIL has a dealer network of 3,086 showrooms across the country, while IndusInd Bank has a network of more than 1,900 branches. This association would help facilitate the car buyers to avail easy and attractive finance schemes, the statement said.