Maruti Suzuki India has announced a collaboration with Axis Bank for providing easy financing solutions to potential car buyers during the COVID-19 outbreak.
As part of the tie-up, Axis Bank will offer flexible Equated Monthly Instalment (EMI) options on Maruti Suzuki cars. These options would ease liquidity and would thus decrease the repayment stress of customers during the ongoing COVID-19 crisis.
Axis Bank is one of the partners of Maruti Suzuki for dealer inventory as well as retail financing solutions. It offers auto loans to a wide range of customers segments. The segments include - salaried customers, self-employed customers.
Elaborating on the customer-centric initiative Shashank Srivastava, Executive Director of marketing and sales, Maruti Suzuki India said, "One of the impacts of COVID-19 pandemic has been change in people's behaviour when it comes to mobility. Concern over safety and maintaining
social-distancing has uptick the preference for having a personal vehicle."
"We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solution for buying cars. With this tie-up our customers will have a wide array of easy finance options to choose from," added Srivastava.
Elaborating on the partnership with Maruti Suzuki, Pralay Mondal, Executive Director (Retail Banking), Axis Bank said, "It's always been our endeavor to engage with our esteemed clients and offer them customised finance solutions for different customer needs. Our primary objective has always been to provide ease and convenience for our customers."
"The COVID-19 Pandemic has created a need for more creative and flexible financing options for Maruti Suzuki car buyers and our best-in-class financing solutions will provide the much-needed hassle-free experience of car buying and financing," added Mondal.
This is not the first time that the two companies are collaborating, they have been doing so for the past many years. Both companies are now looking forward to leveraging their strong physical presence in the country to reach out to millions of potential customers. Maruti Suzuki has over 3,000 outlets in India while Axis Banks has over 4,500 branches.