Money & Banking

Cholamandalam Investment & Finance partners with Maruti Suzuki for flexible car loan schemes

Our Bureau Chennai | Updated on May 22, 2020 Published on May 22, 2020

The offer is available on select Maruti Suzuki models

Cholamandalam Investment & Finance Company Ltd (CIFCL) and Maruti Suzuki India Ltd have entered into a vehicle retail financing partnership.

Under the tie-up, a new scheme called “‘Buy Now Pay Later’ will offer flexibility to Maruti car buyers to pay EMIs after two months of availing the loan. The partners believe that the scheme will help customers in realising their car dreams without postponing their purchase any further.

A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the Covid-19 pandemic. The scheme will make the process of car buying more convenient in these unprecedented times, said a company statement.

“This partnership will give us a strong foothold in the car financing space, with our 1094 branches spread across semi-urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers,” said Ravindra Kundu, Executive Director, CIFCL.

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 will boost convenience by offering customised 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,” Said Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki.

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Published on May 22, 2020
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