The country's largest carmaker Maruti Suzuki India on Friday, 22 May, announced a partnership with Cholamandalam Investment & Finance Company Ltd to provide custom auto retail financing solutions to retail buyers.
The new solution 'Buy-Now-Pay-Later Offer' is aimed to provide customers with easy financing options. Under the partnership, the companies are offering a two-month deferment of EMI to car customers who currently are under resource crunch amid the COVID-19 pandemic.
The new solution will allow customers to start paying the EMIs after 60 days of loan disbursement. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till 30 June 2020.
Commenting on the partnership, MSI Executive Director (Marketing & Sales) Shashank Srivastava said, "It is aimed to offer comfort to buyers who may have faced liquidity crunch during the COVID-19 lockdown. I am sure that the 'Buy-Now-Pay-Later Offer' will encourage customers towards car purchase without putting immediate extra pressure on their pockets."
Through the partnership, customers can also avail of higher loan to value, up to 90 percent of on-road funding, and opt for longer repayment tenure.
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