Maruti Suzuki cars now come with 'Buy Now, Pay Later' option. Full details
Maruti Suzuki, in its bid to inject life into demand that has slumped over the last several weeks of national lockdown to check the spread of Covid-19 disease in India, has announced a partnership with Cholamandalam Investment & Finance Company Limited (CIFCL) under which select models will now be available with 'Buy Now, Pay Later' offer. The offer is applicable on select models in both Arena as well as Nexa brands under the company, and on loan disbursement till 30th June 2020.
In a press statement issued on Friday morning, Maruti announced that customers opting to buy these select models can avail the option of paying EMIs after 60 days of loan disbursement. The objective of the partnership with CIFCL, says Maruti, is to now offer customised auto retail financing solutions to retail buyers.
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For people with plans of buying a new vehicle but under some degree of resource crunch amid the Covid-19 outbreak, the option to defer EMI payment could act as a convincing catalyst to not delay their purchase plans. "The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customized retail financing to the customers," said Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki. "It is aimed to offer comfort to buyers who may have faced liquidity crunch during the Covid-19 lockdown.
Speaking to HT Auto previously, Srivastava had also highlighted the emphasis on 'phygital' means to encourage people to not delay their plans of purchasing vehicles. (Full report here)
Maruti Suzuki is the country's largest automaker and has 3,086 new car retail outlets across 1,964 cities here. With these retail outlets and production units gradually resuming operations after weeks of restrictions, the focus would perhaps be primarily on how to get sales to revive from rock bottom - not just for Maruti but every other OEM as well.
India's automotive industry has taken a massive hit from weeks of lockdown which is currently in its fourth phase and in effect till May 31. April sales were nearly nil with the first few weeks of May only providing minuscule respite. Maruti, for instance, delivered 5,000 vehicles in days since resuming operations earlier this month.
Most industry experts agree that while the short-term outlook remains bleak, there could be some noticeable respite by the festive season later in the year even if 2019 levels may not be attainable till well into 2020. OEMs with a strong presence in small-car segment, however, hope that a fear psychosis at play against public means of transport will push more people into investing in personal mobility.