- Maruti Suzuki and ICICI Bank are offering Flexi EMI, Balloon EMI and Step-Up EMI schemes
- The offer is available on select models and for select customers buying Maruti Suzuki cars beginning May 2020
Maruti Suzuki India (MSIL) has partnered with ICICI Bank to offer customised auto retail financing solutions across the country. Under this association, ICICI Bank is offering a range of finance schemes to the Maruti Suzuki customers to help them overcome the current financial challenges.
The finance scheme offered by ICICI Bank to Maruti Suzuki customers include Flexi EMI Scheme, Balloon EMI Scheme, Step-Up EMI Scheme and up to 100% on-road funding. The offer is available on select models and for select customers buying Maruti Suzuki cars starting May 2020.
The Flexi EMI scheme enables customers to pay low EMI initially in order to help them overcome the liquidity stress due to COVID-19 pandemic. The EMI amount starts at Rs 899 on a loan amount of Rs 1 lakh for the first three months. Thereafter the EMI amount is higher.
Under the Balloon EMI scheme, customers are required to pay an EMI starting from Rs 1,797 per lakh during the tenure, barring the last installment when they pay one-fourth of the loan amount. This scheme is curated for the customers who are keen to pay lower EMI through the loan tenure.
The Step-Up EMI scheme offers the customers an advantage of increasing EMI amount up to 10% every year as their income increases. The EMI could start from Rs 1,752 per lakh in the first year of repayment which progressively increases by 10% every year for loan tenure of five years.
Speaking on the occasion, Shashank Srivastava, Executive Director, Maruti Suzuki said, “While fighting the prevailing COVID-19 crisis we also need to help customers with attractive auto retail financial solutions. Low down payment, low EMI products will definitely help aspiring customers to have their own personal mobility solution. We believe the association with ICICI Bank for providing attractive and lucrative financing solutions will definitely benefit our customers.”
