Maruti Suzuki says, “Buy now, pay later.”
You can avail the offer until June 30, 2020.
It isn’t a surprise that automobile manufacturers are coming up with customised financing solutions for an India that’s slowly getting into the groove. The latest to join the bandwagon is India’s largest carmaker, Maruti Suzuki. Like other players, the Indo-Japanese carmaker has just one aim – try and make new car purchase easy and affordable. To do that, it has joined forces with a non-banking financial company called Cholamandalam Investment & Finance Company Limited (CIFCL).
Spearheading the way is the “Buy Now, Pay Later” offer. As the name suggests, it enrols a car buyer in a scheme where the loan gets sanctioned, but the EMIs (Easy Monthly Installments) start at a later stage. In Maruti Suzuki’s case, car buyers won’t have to pay any EMI for 60 days from the day of loan approval. In essence, the first EMI will go two months after buying the car. If you like this, you can opt for it until June 30, 2020. This offer is available on select Maruti Suzuki models.
The company is also offering other financing solutions to make life easier. Those include higher loan-to-value, up to 90 per cent on-road funding and longer repayment tenure. The first of the three means a customer could get a higher loan amount against a specific value than he/she would have in the past. That value could consist of property or other assets. The second one is self-explanatory, whereas for the third Maruti Suzuki has provided no further details. As you’d expect, all those schemes will come with their set of terms and conditions.
These are tough times and not just car buyers. Maruti Suzuki has had to write-off stock worth Rs 125 crore, primarily because of the Corona Virus pandemic. Like several others, the carmaker didn’t get enough time to drain its BSIV (Bharat Stage Four) inventory. That said, it has started delivering cars across India. As soon as things get smoother, it will launch the BS6-compliant S-Cross in India.