Car Financial Scheme : Maruti-Suzuki tie-up with HDFC Bank
Due to the estimation of rising car sales in near future and the current economic slowdown the automaker Maruti-Suzuki has tied up with HDFC for affordable loan schemes. The automaker made the announcement just after its tie up with ICICI bank a few days ago for similar financial schemes. The teaser car loans had been frowned upon by the Reserve bank of India in the past. But the current economic slowdown and the obvious boost in sales have made them more popular.
The bank will be offering flexible financial aids for new car buyers in which the installments will be small in the beginning but will eventually rise over the tenure to meet the amount. The new schemes have been designed to attract more customers to buy new cars.
The HDFC bank schemes will include the following:
A customer will avail low installment for 3 months every year.
A customer can avail 100% on-road funding.
The highlight of the scheme also includes EMI starting at Rs. 899/month for every lakh for the first 6 months.
Special rate of interest for women
Post approved digital disbursement
Balloon scheme with an installment of Rs 1,111/ lakh for a loan tenure of 84 months.
Shashank Srivastava, the executive director-marketing and sales at Maruti Suzuki, said, "We are confident that our collaboration with HDFC Bank for providing retail financing solutions will benefit our customers. This is an advantage to buyers who may face resource crunch amidst the Covid-19 lockdown. New car buyers can select from a host of schemes that will offer low down-payment options and low EMIs. This would particularly help customers in the entry-level segments. In addition, digital disbursement makes it more convenient for customers in current times.”
Arvind Kapil, HDFC Bank's country head for retail assets believes that these schemes will provide customized options for new car buyers during the covid-19 crisis. With the current social distancing norms and the ongoing lockdown, the HDFC bank will be offering Maruti-Suzuki customers the option to avail post approved digital disbursement.
The tie up with ICICI bank includes the similar schemes with different options. While some balloon schemes are only available for selected models, the 100% on-road funding applies for all Maruti-Suzuki customers. The flexi EMI schemes and the step up scheme will include smaller EMIs with increase over a predefined period of time. The schemes would be offered on “select models” or “select customer” basis.
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