The new solution 'Buy-Now-Pay-Later Offer' is aimed to provide customers with easy financing options, Maruti Suzuki India (MSI) said in a statement.
Maruti Suzuki, in partnership with Cholamandalam Investment & Finance Company, has rolled out a scheme to offer a two-month moratorium on vehicle loan EMIs for Maruti customers.
The Maruti Suzuki ‘Buy Now Pay Later Offer’ will allow customers to start paying the EMIs after 60 days of loan disbursement.
The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020, the Delhi-based carmaker said in a statement.
Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, “The partnership with Cholamandalam Investment & Finance Company 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.”
Several other carmakers have rolled out their own finance schemes with some even offering 12 months deferment of EMIs. Hyundai, Renault, Honda, Volkswagen, Mahindra & Mahindra, Tata Motors and Skoda Auto have such schemes in partnership with finance companies.
On May 19 SUV-specialist Mahindra & Mahindra rolled out 10 different schemes fee waiver options and three months moratorium option for doctors. The company also has ‘buy now pay in 2021’ scheme for buyers in addition to 100 percent on-road funding.
Tata Motors also introduced a new financing scheme 'Keys for Safety' that aims to provide easy and affordable vehicle loans, particularly for the Tata Tiago, and special offers for frontline COVID-19 warriors.
With the new EMI plan, customers can purchase the Tata Tiago hatchback at monthly installments starting Rs 5,000. A maximum Rs 5 lakh loan can be availed with a tenure of five years.
However personal finance advisors have cautioned buyers against opting for such finance schemes without proper evaluation.