The country's largest carmaker Maruti Suzuki India on Friday announced partnership with Cholamandalam Investment & Finance Company Ltd to 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, Maruti Suzuki India (MSI) said in a statement.
Under the partnership, the companies are also offering a two-month deferment of Equated Monthly Installment (EMI) to car customers who currently are under resource crunch amidst the COVID-19 pandemic, it added.
The new solution 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, it added.
Commenting on the partnership, MSI Executive Director (Marketing & Sales) Shashank Srivastava said, "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."
Cholamandalam Investment & Finance Co Ltd Executive Director Ravindra Kundu said the synergies between the organisations are aimed towards singular focus to bring benefits to customers.
"This partnership will give us a strong foothold in the car financing space, with our 1,094 branches spread across semi urban and rural markets," he added.
Through the partnership, customers can also avail higher loan to value, up to 90 per cent of on-road funding and opt for longer repayment tenure.
With Maruti Suzuki's vast network of 3,086 new car retail outlets across 1,964 cities and towns and Cholamandalam Investment & Finance Company's extensive branch presence across the country, the offer is expected to benefit many customers, the statement added.
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