Maruti Suzuki ties up with Cholamandalam for customised auto finance

Maruti Suzuki India on Friday announced a partnership with Cholamandalam Investment  & Finance Company Ltd (CIFCL) to provide customised auto retail financing solutions to retail buyers through 'Buy Now Pay Later' offer.

In a statement, the automobile major said that the scheme will allow customers to start paying the EMIs after 60 days of loan disbursement.This will make the process of car buying more convenient in these unprecedented times, it added.

"With Maruti Suzuki's vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL's extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till 30th June 2020," the company said.

The two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the Covid-19 pandemic, it said.

Shashank Srivastava, Executive Director for Marketing & Sales at Maruti Suzuki, said: "The partnership with Cholamandalam Investment & Finance Company Ltd will boost convenience by offering customised retail financing to the customers. It is aimed to offer comfort to buyers who may have faced liquidity crunch during the Covid-19 lockdown."

Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Ltd, said: "This partnership will give us a strong foot hold in the car financing space, with our 1,094 branches spread across semi urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers."