Maruti Suzuki India Limited (MSIL) has joined hands with ICICI Bank to offer customised auto retail financing solutions to customers across India. Under the said partnership, ICICI Bank is offering multiple attractive finance schemes to the Maruti customers that will eventually help them overcome the financial challenges in present times.
The said offer will benefit a wide range of customers that are willing to buy a brand new Maruti, all thanks to Maruti Suzuki’s 3,000+ outlets along with ICICI Bank’s extensive network of 5,380+ branches across the country. The above offer is available on select models and for select customers buying Maruti Suzuki cars starting May 2020.
Now coming to the key benefits of this tie-up that will be extended to the customers. The joint venture will be offering a Flexi EMI scheme that enables customers to pay low EMI initially in order to help them overcome the current financial stress due to COVID-19 pandemic. In order to be specific, EMI amount starts at as low as Rs 899 on a loan amount of Rs 1 lakh for the first three months.
The joint venture also offers a Balloon EMI scheme that helps customers pay EMI as low as Rs 1,797 per lakh during the tenure, barring the last installment when they pay one-fourth of the loan amount. The statement says that this scheme has been curated specially for the customers who prefer lower EMI through the loan tenure.
In addition to this, the JV offers a step-up EMI scheme under which customers get a unique advantage of increasing EMI amount up to 10% every year as their income increases. The EMI could start from Rs 1,752 per lakh in the first year of repayment that gradually increases by 10% every year for loan tenure of five years.
In addition to these services, ICICI Bank offers up to 100% on-road funding of Maruti Suzuki cars along with finance under Pragati – Assessed Income Product (AIP) to the prospective Maruti Suzuki.
Speaking about the said initiative, Shashank Srivastava, Executive Director (M&S), Maruti Suzuki said that while fighting the prevailing COVID-19 crisis, the company also needs to help customers with attractive auto retail financial solutions. He adds that low down payment, low EMI products will definitely help aspiring customers to have their own personal mobility solution. He Co clouded his statement by saying that Maruti Suzuki believes that the association with ICICI Bank for providing attractive and lucrative financing solutions will certainly benefit its customers.
Ravi Narayanan, Head, Secured Assets, ICICI Bank said that the company is delighted to join hands with Maruti Suzuki in order to offer an array of finance schemes to the car enthusiasts. He adds that the Covid-19 pandemic has created a unique situation in the automobile industry. There are certain sections of customers who want to commute in private transport to maintain social distancing and hygiene, but their cash flow is under temporary stress now. Narayanan says that the bank’s specially curated, flexible EMI schemes are aimed at helping the customers to fulfill their desire of owning a car. He also said that with this partnership, ICICI Bank believes that the MSIL customers will have a convenient and hassle-free experience of purchasing cars with finance from the bank.