India's largest passenger car maker Maruti Suzuki has tied up eight banks to offer the entire loan disbursement service on its website. The company would be integrating loan disbursement and uploading of documents on its website. Customers would now be able to book their choice of vehicle and apply for a loan on Maruti’s website.
The company has so far tied up with banks like HDFC Bank, Yes Bank, ICICI Bank, IndusInd, Mahindra Finance and Kotak Mahindra Prime. The company is likely to bring more banks and financial institutions on its website in the coming months.
In the first phase, the online loan facility on Maruti's website would be offered to NEXA customers in 30 cities and the company plans to extend the service to ARENA customers across India.
The services include choosing the right finance partner, selecting the best suited loan product, completion of all the finance related formalities and disbursal of the loan, with just a few clicks.
The NEXA website will act as a facilitator between the customer and the financier providing wide variety of choices on the loan offers, real time status updates and in turn providing a hassle free and transparent financing solution. The customer is able to compare multiple scenarios for his car loan and make an informed choice of loan partner, loan tenure etc.
Speaking on the new initiative, Kenichi Ayukawa, managing director and CEO, Maruti Suzuki India said, "We have always explored unique ways to assist our customers in their car buying journey. This digital service offers easy financing options and is completely transparent at each stage of the loan process. Among other advantages, the customer gets to customize the EMI, by choosing the loan tenure and interest rate and select a preferred down payment scheme."
(Edited by : Jomy)