Coronavirus has crippled the auto sector a hault. Car manufacturers are bearing massive losses due to decreased sales and negative demand in the market. However, after unlock 2.1, things are starting to improve gradually. But it would take some time for the car industry to match up the sales of pre-coronavirus times.
In a bid to boost car sales, India’s leading automaker Maruti Suzuki has tied up with Mahindra Finance with. Through the collaboration, it plans to offer multiple EMI options to new car buyers in the post coronavirus lockdown period.
Majority of these offers are aimed to encourage buyers in rural areas that account for one-third of Maruti’s sales and one that Mahindra Finance knows all too well.
Here are the new five EMI options to choose from.
Buy now and pay later: A new car buyer can take the vehicle now and start paying its EMIs after two months of purchasing the vehicle.
Step up EMI: Pay lesser EMIs now and the amount will increase after 6 months once your income stabilises.
Balloon EMI: Keep paying small EMIs throughout the loan tenure and your last EMI will account for 25 per cent of the contract value.
Maruti will also offer quarterly EMIs for customers engaged in agriculture and don't have monthly income.
Low down payment offer.
In this scheme, Mahindra Finance will also help car buyers with instant on the spot approval of loans for both salaried and No-Income-Proof (NIP) individuals. The company won’t undertake any field investigation to ensure a contactless loan disbursement procedure.
Maruti And Mahindra Finance Partnership Will Allow You To Buy Now And Pay Later.
All models sold by Maruti can be purchased under the above mentioned offers. The offer is also open to customers from all segments including self-employed, salaried, farmers and businessmen.
Maruti Suzuki is also offering discounts on selected models which will only sweeten the deal for buyers planning to bring a new Maruti car home. As part of the incentives and discount, new car buyers can get benefits between 40,000 INR and 50,000 INR on popular models such as the Swift, Alto K10, Wagon-R, Celerio and Dzire.
As for now, the EMI offers are available without any expiry date. So, you can explore all other benefits offered by other car manufacturers in the market for your own peace of mind.