Automakers offer schemes to boost car buying demand – ET Auto

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Some others like Honda Cars India are offering upfront discounts of up to Rs 1 lakh on select models.
Some others like Honda Cars India are offering upfront discounts of up to Rs 1 lakh on select models.

New Delhi: With an aim to provide easy financing options to its customers, India’s largest carmaker Maruti Suzuki India Limited (MSIL) announced on Friday that it will allow flexibility to customers for paying EMIs after two months of availing the loan under the ‘Buy Now Pay Later Offer’.

A two-month deferment of EMI will bring advantage to car customers who are currently under resource crunch amidst the COVID-19 pandemic, the company informed in a statement.

MSIL is offering this in partnership with a Non-Banking Financial Company (NBFC) called Cholamandalam Investment & Finance Company Limited (CIFCL).

Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, “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.”

Ravindra Kundu, Executive Director, CIFCL said, “We are very excited to partner with Maruti Suzuki India Limited, a trusted and renowned brand in India. 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. This ‘Buy-Now-PayLater Offer’ will help customers in realizing their dreams without postponing the purchase any further.”

Other automakers like Nissan also introduced the ‘Buy Now-Pay Later from January 2021’ on select products, while Hyundai Motor India had earlier launched its EMI Assurance program on select models in association with Shriram General Insurance, where the company will pay three installments of a vehicle if a customer loses his job.

Tata Motors too, is providing up to 100 percent on-road funding on its entire range of cars and SUVs.

Toyota Kirloskar Motor (TKM) and Skoda Auto India claim to offer a zero down payment option to pre-qualified customers. While Toyota has extended the offer to select customers based on their credit scores, Skoda is additionally extending an EMI holiday of four-six months. This means that payment of installments will start after four-six months of purchasing the car.

Some others like Honda Cars India are offering upfront discounts of up to Rs 1 lakh on select models.

These offers come amidst the resumption of operations post two-month of the lockdown period caused due to the coronavirus pandemic. While the month of April reported zero sales, the economy is now being opened up for several activities and automakers are planning to tempt customers with a range of offers, with hopes of a healthy comeback.

Disclaimer: This Article is auto generated by computer software and has not been created or edited by Sainik Welfare News. Publisher:

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