Maruti Suzuki Partners With ICICI Bank To Offer 3 New Finance Schemes
ICICI Bank is also offering 100 per cent on-road funding for all Maruti Suzuki models
Aim is to offer easy finance and car loan options.
Each deal comes with different loan repayment options.
Offer is available on select models and for select customers buying Maruti Suzuki cars starting May 2020.
Maruti Suzuki has tied up with ICICI Bank to offer retail financing options to customers across the country. The idea is to support prospective buyers impacted by the ongoing pandemic.
ICICI Bank is also providing 100 per cent on-road funding for all Maruti Suzuki cars. It has rolled out three financing initiatives as a part of this partnership. Let’s take a look at each scheme individually:
Flexi EMI Scheme: It enables customers to pay low EMI initially to help them overcome the financial challenges caused due to the COVID-19 pandemic. The EMI amount starts from Rs 899 on a loan amount of Rs 1 lakh for the first three months. Thereafter, the EMI amount is higher. This scheme is applicable to all Maruti Suzuki cars.
Balloon EMI Scheme: Customers are required to pay an EMI of Rs 1,797 per lakh during the tenure, barring the last instalment when they pay one-fourth of the loan amount. This is beneficial for customers who prefer paying lower EMIs throughout the loan tenure. This scheme is valid on the Alto, WagonR, Ignis, Swift, Baleno, and Dzire.
Step-up EMI Scheme: Under this option, customers can increase the EMI amount by up to 10 per cent every year as their income grows. The EMI could start from Rs 1,752 per lakh in the first year of repayment and increase by 10 per cent every year for a loan tenure of five years. This scheme is applicable to all Maruti Suzuki cars.
Note: The above offer is available on select models and for select customers buying Maruti Suzuki cars starting May 2020.
Also Read: 2020 Maruti Swift Facelift: 5 Things We Know
Speaking about the initiative, Shashank Srivastava, Executive Director, Maruti Suzuki, said, “While fighting the prevailing COVID-19 crisis we also need to help customers with attractive auto retail financial solutions. Low down payment and low EMI products will definitely help aspiring customers to have their own personal mobility solution. We believe the association with ICICI Bank for providing attractive and lucrative financing solutions will definitely benefit our customers.”
Maruti Suzuki has also partnered with a non-banking financial firm to offer a unique EMI plan to its customers. It is applicable only on select Arena and Nexa models including Baleno and WagonR and is valid only on loans disbursed till June 30.
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