In a welcome move, Maruti Suzuki India limited has now teamed up with Axis Bank to offer easy financing solutions for its buyers. Axis Bank has been one of the key partners for Maruti Suzuki and has been responsible for handling dealer inventory as well as retail financial solutions.
What Maruti-Axis tie-up mean for customers?
The tie-up will be covering many of the finance solutions bases for customers. Apart from offering flexible EMI repayment options to ease the liquidity and stress on customers during the testing COVID-19 times, Axis Bank will now offer auto loans to a wide array of customers including salaried, self-employed, and with or without income proof customers.
Finance options on offer
It is important to note that these schemes are time-sensitive and their benefits can be availed only till 31st July, 2020.
The finance options include-
- 100% on-road funding for salaried customers for 8 years.
- Balloon EMI Scheme: Final EMI 25% of the loan amount.
- Step-up Scheme: EMI starting at ₹1250 per Lakh
- Low EMI Scheme: EMIs starting at ₹899 per Lakh
What did the company officials say?
Mr. Shashank Srivastav, Executive Director, Maruti Suzuki, India, elaborated the customer-centric initiative. He said-
“One of the impacts of COVID-19 pandemic has been change in people's behaviour when it comes to mobility. Concern over safety and maintaining social-distancing has uptick the preference for having a personal vehicle. We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solution for buying cars. With this tie-up our customers will have a wide array of easy finance options to choose from.”
Mr. Pralay Mandal, Executive Director, Axis Bank also appreciated the move and elaborated about the partnership. He said-
“It’s always been our endeavor to engage with our esteemed clients and offer them customized finance solutions for different customer needs. Our primary objective has always been to provide ease and convenience for our customers. The COVID-19 Pandemic has created a need for more creative and flexible financing options for Maruti Suzuki car buyers and our best-in-class financing solutions will provide the much-needed hassle-free experience of car buying and financing.”
Author's Take
While it is quite natural for us to perceive this move as a step to encourage buyers to make up for the slump in sales with attractive finance offers at their disposal. At the end of the day, it eventually will be doing a greater good for all the buyers finding it difficult to manage finances.
Collaborations like these are the need of the hour, to encourage people to spend money and get the automobile manufacturing industry back on track.