On May 22, 2020, Coronavirus (COVID-19) outbreak caused a sharp decline in car sales & to speed up sales, car companies are offering various types of finance schemes to entice customers.
In this sequence Maruti Suzuki India Limited, an automobile manufacturer in India, has joined hands with the Cholamandalam Investment and Finance Company Limited (CIFCL) to launch ‘Buy Now Pay Later’ financing scheme to make the purchase of its cars even more convenient.
i.Under the scheme, customers have the option to avail a 60-day surcharge on their EMI (equated monthly instalments). However, this offer is available on select Maruti Suzuki models and is applicable on loan payments due on or before 30 June 2020.
ii.Maruti Suzuki India has a network of 3,086 car retail outlets across 1,964 cities and towns, while Cholamandalam Investment has about 1,100 branches spread across semi-urban and rural markets in India. The partnership will enhance both the companies’ convenience by offering customized retail financing to customers.
iii.Apart from Maruti, Tata Motors and Mahindra have also rolled out similar finance schemes this week.
About Cholamandalam Investment and Finance Company Limited (CIFCL):
Headquarters– Chennai, Tamil Nadu
Managing Director– Arun Alagappan
Executive Director– Ravindra Kundu
About Maruti Suzuki India Limited:
Headquarters– New Delhi
Managing Director & CEO- Kenichi Ayukawa
Executive Director (Marketing & Sales)-Shashank Srivastava