Maruti Suzuki India partners with Axis Bank for easy vehicle financing

Maruti Swift

The country's largest carmaker Maruti Suzuki India Ltd (MSIL) on Tuesday said it has collaborated with Axis Bank to offer easy vehicle financing options for potential car buyers.

Under the partnership, Axis Bank will offer a variety of options to customers, including 100 per cent on-road funding for salaried customers for eight years, step-up EMI scheme starting at Rs 1,250 per lakh and balloon EMI scheme with final EMI being 25 per cent of loan amount, the company said in a statement.

Besides, the company said as part of the partnership, customers can also choose low equated monthly installment (EMI) scheme for first three months starting with 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," the company said adding Axis Bank offers auto loans to a wide category of customer segments -- salaried, self-employed and with or without income proof customers.

Commenting on the partnership, MSIL Executive Director (Marketing & Sales) Shashank Srivastava said, "one of the impacts of COVID-19 pandemic has been change in people's behaviour when it comes to mobility. Concern over safety and maintaining social-distancing has uptick the preference for having a personal vehicle."

He further 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."

Axis Bank Executive Director (Retail Banking) Pralay Mondal said the COVID-19 pandemic has created a need for more creative and flexible financing options and the bank's financing solutions will provide the much-needed hassle-free experience of car buying and financing.

Axis Bank is one of the key partners of Maruti Suzuki for dealer inventory as well as retail financing solutions.

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


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel