The country’s largest carmaker Maruti Suzuki India on Wednesday said it has partnered with Karnataka Bank to offer vehicle financing options for potential car buyers.
The company said it has signed a Memorandum of Understanding (MoU) with the Mangaluru-headquartered private sector lender. Customers can avail the benefits across 858 branches of Karnataka Bank at metro, urban, semi-urban and rural locations.
Under the collaboration, customers can avail loans up to 85 per cent of the on-road price of all new cars from Maruti Suzuki ARENA and NEXA showrooms. Customers can opt for tenure of up to 84 months for their loans, Maruti Suzuki India (MSI) said in a statement.
Commenting on the partnership, MSI Executive Director (Marketing & Sales) Shashank Srivastava said it is aimed to make the vehicle buying journey easy and affordable for the company’s customers.
Rapid technological development and new digital consumer behaviours are determining auto sales across India. In recent years, Maruti Suzuki has taken many initiatives, including the launch of digital Smart Finance platform and innovative schemes to help customers buy new cars at attractive rates of interest and customised EMI as per their requirements, he added.
“In FY 2020-21, under the tie-up with partner financiers, we have financed more than 9.7 Lakh vehicles. We are confident that the latest tie-up with Karnataka Bank will help meet the diverse finance requirements of our customers,” he added.
Karnataka Bank Managing Director & CEO Mahabaleshwara MS said the partnership with Maruti Suzuki India will boost consumers’ convenience and ease.
“Karnataka Bank offers car loans through our digital and wide branch network with an indigenously developed end-to-end digital platform for existing as well as new customers, enabled with faster processing capabilities,” Mahabaleshwara MS added.