Maruti Suzuki India ties up with Mahindra Finance for retail car loans

by Autocar Pro News Desk , 09 Jun 2020

Maruti has joined hands with Mahindra. The country’s largest carmaker has tied up with  Mahindra Finance, one of the leading non-banking finance companies in India, to provide finance availability for customers looking at personal mobility solutions .

Under the tie-up, Maruti Suzuki India customers can avail wide options for getting their car financed from Mahindra Finance including -

  • Buy now and pay later: Moratorium scheme of 2 months to help customers manage their cash flows
  • Step up EMI: Unique step up option at  a frequency of 6 months
  • Balloon EMI: Customer to pay 25 percent of the contract value as last EMI
  • Agricultural customer schemes including quarterly EMIs
  • Low down-payment scheme
  • Other highlights of the retail loan scheme include on-the-spot approval for both salaried and No Income Proof (NIP) customers. Flexible schemes including Balloon EMI, no field investigation scheme for contactless disbursement.

Speaking on the partnership with Mahindra Finance, Shashank Srivastava, executive director – Marketing and sales, Maruti Suzuki India said, “Mahindra Finance is a very well networked NBFC across India and has the expertise in lending across all profiles including semi-rural, rural and no-income proof customers. More than one-third of Maruti Suzuki’s retail sales come from rural India. We are extremely confident that this alliance with one of India’s largest NBFCs will help in increasing easy finance availability to our customers in the current challenging situation arisen due to Covid-19 pandemic. Customers will benefit from the range of offers like Buy now and Pay Later, Step Up EMI, Balloon EMI.”

Ramesh Iyer, MD, Mahindra Finance said “We believe that demand in rural will revive the fastest on the backdrop of a good monsoon expectation and less impact of the current pandemic. We are geared up to support and service all customers in these markets. Maruti Suzuki has been a very close and important partner to us. We believe providing solutions is more important than just offering credit. With our widespread branch network, serviced through employees recruited locally, we will be able to become a solution provider instead of only a financier to these rural customers”

According to the partners, in the last five years, over 600,000 Maruti Suzuki customers have financed their cars from Mahindra Finance. The OEM with its widest range of cars has a dealer network of over 3,086 showrooms across the country. Mahindra Finance too has a network of 1,450 branches and offers attractive finance schemes. This partnership would support all the customers segments -- salaried, self-employed, agriculturists and businessmen to purchase cars.