These new schemes are meant to help people buy cars without paying high amount on loans.
Maruti Suzuki realises that buying sentiments among Indian consumers is going to be weak over the next few months as people battle through the pandemic. Which is why the country's largest carmaker has partnered with ICICI Bank to come up with a slew of schemes on the equated monthly instalments (EMI) that are paid on loans taken by the person. The offers can be availed by users from all income groups, ensuring the auto sector gets moving in the country. Here's a look at the schemes.
Flexi EMI scheme: Taking this scheme, your EMI amount starts from as low as Rs 899 for a loan amount of Rs 1 lakh, but only for the first three months. After that, the EMI amount becomes higher. This has been designed to help people with short term reprieve.
Balloon EMI scheme: Over here, the customers have to pay EMI worth Rs 1,797 for every lakh they finance for almost the whole period, except for the last EMI instalment, where you only have to pay one-fourth of the actual amount.
Step-up EMI scheme: And finally, with this scheme, buyers can hike their EMI amount based on the annual hike in the income. So, if the EMI starts from Rs 1,752 per lakh, every year you will see a 10 per cent increase in the monthly amount to be paid over the course of the loan tenure which is five years.
Maruti Suzuki says the above offer is available on select models and for select customers buying Maruti Suzuki cars starting May 2020. It has also announced extended warranty and service to its customers in India. The company says that it has extended the warranty of customer vehicles till June 30, 2020.
The company has recently confirmed that some of its employees in the Manesar plant have tested positive for COVID-19 this month. The said employees were immediately asked to go on self-isolation, while the entire office area was sanitised for the safety of other people in the factory.
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