Monday, 30th October 2017

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Maruti defers EMI start date

'Buy now, pay later' scheme limited to select models under both the Arena and Nexa brands and on loans disbursed till June 30, 2020

  • Published 23.05.20, 6:44 AM
  • Updated 23.05.20, 6:44 AM
  • a min read
  •  
A Maruti Suzuki showroom in Gurgaon. (Shutterstock)

In a move to spur demand, Maruti Suzuki India on Friday announced a “buy now, pay later” scheme in partnership with Cholamandalam Investment & Finance (CIFCL) for select models.

The offer would be limited to select models under both the Arena and Nexa brands and on loans disbursed till June 30, 2020, Maruti said.

Several other car makers have also rolled out their own finance schemes with some even offering 12 months deferment of EMIs. Hyundai, Renault, Honda, Volkswagen, Mahindra & Mahindra, Tata Motors and Skoda Auto have such schemes in partnership with finance companies.

Maruti said customers opting to buy these models can avail themselves of the option of paying EMIs after 60 days of the loan disbursement. The objective of the partnership with CIFCL, Maruti said, is to offer customised finances.

For people who want to buy a new vehicle but are under some liquidity crunch, the option to defer the EMIs could act as a catalyst to go ahead.