Through the partnership with the bank, the company is seeking to offer prospective buyers special scheme of up to 100 per cent on road funding with six months holiday period on all models, except van EECO), loans for both salaried and self-employed customers and repayment period up to 84 months, Maruti Suzuki India said in a statement.
Apart from "attractive rates of interest", the partnership will offer loans to customers with non-income proof as well, it added.
MSI Executive Director (Marketing and Sales) Shashank Srivastava said, to move forward in a changing business environment, the company must take action, combining customer-centered finance products with wide range of options to choose from.
"Our association with Karur Vysya Bank is another positive step towards providing our customers financial flexibility and ease of owning a new car," he stated.
He further said in the light of the current situation of fighting COVID-19 pandemic challenges, the attractive products like EMI holiday period will provide the required financial solution to the customers.
Karur Vysya Bank President and COO J Natarajan said easy availability of finance is a key driver during these times.
"This partnership with Maruti Suzuki is an important way to offer consumers convenience and cost-effectiveness at the same time," Natarajan said.
Karur Vysya Bank offers customers in-principle loan sanction in 15 minutes and existing customer of the bank can get their loans disbursed on the same day with the entire process from application to disbursement of the loan being digitalised with no manual intervention.
The schemes through the partnership will be available across Maruti Suzuki's network of 3,086 new car retail outlets across 1,964 cities and towns, along with with 780 branches of Karur Vysya Bank across 22 states across India. RKL ANS ANS