Maruti Suzuki ties up with HDFC Bank to extend consumer finance

Automobile manufacturer, Maruti Suzuki has informed the bourses of its tie up with HDFC Bank Limited aimed at offering a range of adjustable finance schemes for car purchasers.

In line with the exclusive tie-up, customers of Maruti Suzuki can avail an assortment of retail finance schemes from HDFC Bank including, a step-up EMI plus balloon scheme with a low initial EMI of Rs 1,111 per lakh for a loan tenure of 84 months, an EMI starting from Rs 899 for first six months for salaried and first three months for self-employed customers, and a Flexi EMI scheme with an option to choose low EMIs for three months annually for the tenure of the loan.

Additionally, HDFC Bank is offering Maruti Suzuki customers the option of a post-approval digital disbursement, in light of the present social distancing norms and the need to reduce physical documentation.

Shashank Srivastava, Executive Director (M&S) of Maruti Suzuki India, while speaking on the partnership, stated that the retail finance solutions offered through the partnership were an advantage to buyers who were facing resource crunch amidst the lockdown due to COVID-19. He further stated that the schemes would especially help customers in the entry-level segments.

Maruti Suzuki's stock was trading at Rs 5,380, up by 2.64 per cent or Rs 138.55 per share, at 11.50 am on Thursday. The 52-week high is recorded at Rs 7,755 and the 52-week low is Rs 4,002 on BSE.