Maruti Suzuki partners with Cholamandalam Investment & Finance; stock slips 1.5%

It announced a partnership with Cholamandalam Investment & Finance Company Limited (CIFCL) to provide customised auto retail financing solutions to retail buyers.

May 22, 2020 11:05 IST India Infoline News Service

With the drop in car sales after the Covid-19 outbreak In India and pursuant lockdown to prevent its spread, Maruti Suzuki India Ltd. has made new car purchase easy and affordable in a fresh outreach to the customers.

It announced a partnership with Cholamandalam Investment & Finance Company Limited (CIFCL) to provide customised auto retail financing solutions to retail buyers. The new solution ‘Buy Now Pay Later Offer’’ is aimed to provide customers with easy financing options. A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic.

Encouraging people to buy a new vehicle, the ‘Buy Now Pay Later Offer’’ will allow customers to start paying the EMIs after 60 days of loan disbursement. This will make the process of car buying more convenient in these unprecedented times. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

“The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customized retail financing to the customers. 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,” Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said.

Speaking on the partnership, Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company Limited said, “This partnership will give us a strong foot hold in the car financing space, with our 1094 branches spread across semi urban and rural markets. The synergies between the organizations are aimed towards singular focus to bring benefits to the customers. This “Buy-Now-PayLater Offer” will help customers in realizing their dreams without postponing the purchase any further.”

Maruti Suzuki India Ltd is currently trading at Rs4,973.10, down by Rs77.65 or 1.54% from its previous closing of Rs5,050.75 on the BSE.

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