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This article is more than 4 month old.

Maruti Suzuki launches online 'Smart Finance' service; details here

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Maruti Suzuki India Limited, the country's largest carmaker, has launched an online finance platform for its Arena and Nexa customers.

Maruti Suzuki launches online 'Smart Finance' service; details here
Maruti Suzuki India Limited, the country's largest carmaker, has launched an online finance platform for its Arena and Nexa customers.
According to the carmaker, the Smart Finance platform, which can be accessed at any point in time during the process of buying a vehicle, will provide customers with end-to-end online car financing solutions.
"Maruti Suzuki Smart Finance - India's first ground-breaking digital platform enables customers with an end-to-end online car financing solution," the company said.
A customer will be able to avail of the following services through the new online service — selecting the right finance firm and the best-suited loan offer, completing all finance-related formalities, and loan disbursal.
The platform also provides a feature for the exchange of old cars. This feature will allow customers to get an estimated value of their existing cars in case of a replacement purchase.
“To make online car financing more comprehensive, Maruti Suzuki Smart Finance has an integrated exchange customer journey. This will empower the customers to get an estimated value of their old cars in case of a replacement purchase,” the company said in a statement.
Besides, the platform will also provide the option for co-applicant financing. It is a form of financing where the co-applicant becomes the co-borrower once the loan application is approved. In most cases, applying with an additional person improves the chances of loan approval and provides for more favourable loan terms.
For the online financing service, Maruti Suzuki India has tied up with 14 financiers — HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda, Karur Vyasa Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance, Kotak Mahindra Prime, Sundaram Finance & HDB Financial services.
The company has said that it is in the process of getting more financiers on board.
Speaking on the new service, Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki India, said, “Even before walking into a car dealership, most potential buyers already start their shopping process online -- browsing cars and finance options. Keeping in view the changing customer behaviour, we have launched Maruti Suzuki Smart Finance that enables customers with an end-to-end online car financing solution."
The company had done a pilot project in limited cities last year. “More than 25 lakh customers have visited Maruti Suzuki Smart Finance platform since its inception. Over 1,60,000 customers configured on-road price and more than 40,000 customers have downloaded the finance sanction letter online. This gave us the confidence to launch it pan India with 14 partner financiers offering personalised financing options for our customers,”  Srivastava said.
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