On 26th May 2020, Maruti Suzuki India Limited (MSIL) announced its partnership with ICICI Bank to offer retail financing schemes to its customers. ICICI bank offers a flexible EMI scheme allowing the customers to pay minimum EMI initially to support them in the liquidity stress during COVID-19 situation.
Features of Tie-up:
i.Flexi EMI scheme: The Bank offers a loan of Rs.1 Lakh, with the EMI amount starting from Rs.899 for the first three months and similar offers for the EMI plans for the customers of MSI. The offer is to benefit the customers of all profiles who are willing to buy a car.
ii.Balloon EMI Scheme: Offers the customers to pay Rs.1797 per lakh in a tenure barring the last instalments when the customers pay one-fourth of the loan amount.
iii.Step up EMI Scheme: This offers the customers an advantage of increasing EMI amount upto 10% as their income increases every year. The EMI starts from Rs.1752 per lakh for the first year and increases 10% a year for the 5 year tenure.
Also, the Bank offers up to 100% on-road funding of Maruti Suzuki cars and finance under Pragati-Assessed income Product (AIP) to the prospective Maruti Suzuki.
i.The association of MSI with ICICI bank will provide mobility solutions to the customers with low down payment and low EMI products.
ii.over 3000 outlets of Maruti Suzuki and the extensive networks of ICICI bank across the nation will provide this offer.
About Maruti Suzuki:
Chairman- Ravindra Chandra Bhargava
MD & CEO- Kenichi Ayukawa
Head office- New Delhi
About ICICI Bank:
MD & CEO- Sandeep Bakhshi