Maruti Suzuki Partners With Axis Bank For Easy Car Loan Schemes
Customers look inside a Maruti Suzuki India Ltd. XL6 multi-purpose vehicle (MPV) at the company's showroom in the Ambattur district of Chennai, India, on Friday, Aug. 30, 2019. (Photographer: Dhiraj Singh/Bloomberg)

Maruti Suzuki Partners With Axis Bank For Easy Car Loan Schemes

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India's largest carmaker Maruti Suzuki India Ltd. has collaborated with private lender Axis Bank Ltd. to offer easy vehicle financing for car buyers.

Under the partnership, Axis Bank will offer a variety of options to customers, including 100% on-road funding for salaried customers for eight years.

A step-up EMI scheme—starting at Rs 1,250 per lakh—and a balloon EMI scheme, with final payment being 25% of the loan amount, is available, the company said in a statement. Customers can also choose to pay low EMIs for first three months, starting at Rs 899.

These offers are valid up to July 31.

"The flexi EMI options are aimed to ease liquidity and repayment stress of customers during these tough times," Maruti Suzuki said, adding Axis Bank offers auto loans to a wide category of customer segments—salaried, self-employed and with or without income proof customers.

“Concern over safety and maintaining social distancing has uptick the preference for having a personal vehicle,” Shashank Srivastava, executive director (marketing) at Maruti Suzuki said. “We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solution for buying cars.”

The two partners will leverage the strong reach of over 3,000 Maruti Suzuki outlets and more than 4,500 Axis Bank branches to reach out to a wide cross-section of customers across the nation, the statement said.

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