Maruti Suzuki Down Payment has Dipped to 10 Percent
With the new scheme, Maruti Suzuki down payment will drop from 20% to 5-10% for its on-road price.
The scheme is currently launched as a joint project with Kotak Mahindra bank from January 1st and the trial period will run till the end of the quarter.
The company is in talks with other 4-5 major banks regarding the same.
The scheme is especially designed keeping the entry-level buyers in mind and is expected to change the entire process of car financing in near future
With the launch of BS6 cars, the prices for petrol are expected to rise up by Rs. 40,000-Rs. 50,000 and diesel models to undergo a hike of upto Rs. 1 lakh. With the recent hike, paying a down payment of 20% may not always be feasible. To overcome that issue, Maruti Suzuki has come up with a new way to make the cars more affordable.
Currently, in a loan scheme, the loan covers upto 80% of the total payment of the car. The rest of the 20% is supposed to be covered by the customer from his own pocket. To reduce the burden over the consumers, Maruti has come up with a new scheme. The new scheme includes reducing the down payment of the car from 20% to 10%. The scheme will be applied for the on-road price of the vehicle.
So what exactly is the scheme?
The scheme is currently launched as a joint project with Kotak Mahindra bank from January 1st and the trial period will run till end of the quarter. Shashank Srivastava, director (marketing & sales) at Maruti Suzuki in an interview with times of India said, “As market leaders, it is our duty to work towards the revival of the industry and through this initiative, we are trying to reduce some of the burden that the customer is facing due to higher vehicle costs and enhanced down payment obligations," Srivastava also said. "Down payment will be lowered by 5-10% of on-road price through this."
Maruti is also in talks with other 4-5 major banks regarding the scheme. The scheme is especially designed to cater to the entry- level vehicle sale. He also mentioned that the company is working towards turning around the industry for the customer’s benefit.
With the car prices hike in recent days, this step by Maruti Suzuki will benefit both the company as well as the consumers. With down payment being as low as 5-10% buying a car will be less economically repressive. The scheme is specifically designed keeping a budget customer in mind which will benefit the customer with a lesser budget even more.
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