NEW DELHI: The country’s largest automaker, Maruti Suzuki India, said on Wednesday it had partnered with Karnataka Bank to provide vehicle finance options to potential car buyers.
The company said it has signed a memorandum of understanding with the private sector lender headquartered in Mangaluru.
Customers can enjoy the benefits at the 858 branches of Karnataka Bank in metropolitan, urban, semi-urban and rural areas.
As part of this collaboration, customers can benefit from loans of up to 85% of the road price of all new cars from the Maruti Suzuki ARENA and NEXA showrooms.
Customers can opt for a maximum term of 84 months for their loans, Maruti Suzuki India (MSI) said in a statement.
Commenting on the partnership, MSI Executive Director (Marketing and Sales) Shashank Srivastava said it aims to make the vehicle buying journey easy and affordable for the company’s customers.
Rapid technological development and new digital consumer behaviors are determining auto sales in India.
In recent years, Maruti Suzuki has taken many initiatives, including launching a digital Smart Finance platform and innovative programs to help customers buy new cars at attractive interest rates and personalized EMIs according to their needs. needs, he added.
“In fiscal year 2020-21, as part of the merger with financial partners, we financed more than 9.7 Lakh vehicles. We are confident that the latest merger with Karnataka Bank will help meet the diverse needs of financing our clients, ”he said. added.
Karnataka Bank Managing Director and CEO Mahabaleshwara MS said the partnership with Maruti Suzuki India will improve convenience and ease for consumers.
“Karnataka Bank offers auto loans through our extensive network of digital branches with a locally developed end-to-end digital platform for existing and new customers with faster processing capabilities,” added Mahabaleshwara MS.