Private sector lender HDFC Bank has joined hands with India’s leading automobile manufacturer Maruti Suzuki in a bid to offer a bunch of flexible finance schemes for new car buyers.
Under this strategic alliance, a variety of retail finance schemes are being offered with step up EMI plus balloon scheme with low initial EMIs of Rs 1,111/- for loan tenure of 84 months.
Similarly, EMIs starting from Rs 899 for first six months meant for salaried and first three months for self-employed customers and flexi EMI scheme with an option to select EMI for three months every year for the tenure of the loan, are being offered.
Shashank Srivastava, ED (M&S), Maruti Suzuki India said, “This is an advantage to buyers who may face resource crunch amidst the Covid-19 lockdown. New car buyers can select from a host of schemes that will offer low down payment options and low EMIs. This would particularly help customers in the entry level segments. In addition, digital disbursement makes it more convenient for customers in current times.”
As per the partnership, the loans will be offered and sanctioned on the basis of lender’s policy with an option of post sanctioning of digital disbursement. The lender said, it’s a digital industry first solution via its Zip Drive and digital end-to-end programme for non-HDFC Bank customers as well.
Arvind Kapil, Country Head for Retail Lending, HDFC Bank said, “These are challenging times for the country and we believe it’s the collective responsibility of all stakeholders to provide flexible offerings to customers.”
Kapil adds, “HDFC Bank has the expertise in providing focussed solutions and operating platforms to offer convenience and customer delight. This partnership will give our customers, products and processes which will enable them to avail of loans at their convenience and on a device of their choice.”