Business

Chola partners with Maruti Suzuki for vehicle finance

Chola partners with Maruti Suzuki for vehicle finance 1

Chennai, NFAPost: Cholamandalam Investment & Finance Company Limited (CIFCL) on Friday announced a partnership with Maruti Suzuki India Limited. The objective of this partnership is to provide customised auto retail financing solutions to retail buyers. The ‘Buy Now Pay Later’ offer is aimed to provide customers with easy financing options.

A two-month deferment of EMI will bring advantage to car customers who currently are under resource crunch amidst the COVID-19 pandemic.

Encouraging people to go for financing of a new vehicle, the ‘Buy Now Pay Later’ offer will allow customers to start paying the EMIs after 60 days of loan disbursement. This will make the process of car buying more convenient in these unprecedented times. With Maruti Suzuki’s vast network of 3,086 new car retail outlets across 1,964 cities and towns and CIFCL’s extensive branch presence across the country, the offer is expected to benefit many customers. The offer is available on select Maruti Suzuki models and will be applicable on loan disbursement till June 30, 2020.

Ravindra Kundu, Executive Director, Cholamandalam Investment & Finance Company said, “With the lockdown ending soon but the COVID-19 scare still far from being gone, social distancing is bound to be the new normal for at least some time to come. In such a scenario, owning a vehicle is certainly one of the most practical options to move ahead.”

He added, “This partnership will give us a strong foot hold in the car financing space, with our 1,094 branches spread across semi urban and rural markets. The synergies between the organisations are aimed towards singular focus to bring benefits to the customers. This ‘Buy Now, Pay Later’ offer will help customers in realising their car dreams without postponing their purchase any further. This partnership is also in line with our continuous endeavour in enabling our customers to ‘Enter a Better Life’.”

Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki said, “Customers have always been at the heart of Maruti Suzuki’s efforts of making personal mobility accessible. The partnership with Cholamandalam Investment & Finance company Limited will boost convenience by offering customised retail financing to the customers. It is aimed to offer comfort to buyers who may have faced liquidity crunch during the Covid-19 lockdown.”

Cholamandalam Investment and Finance Company Limited (Chola), incorporated in 1978 as the financial services arm of the Murugappa Group. It operates from 1,094 branches across India with assets under management above Rs 59,292 crore. The subsidiaries of Chola are Cholamandalam Securities Limited (CSEC), Cholamandalam Home Finance Limited (CHFL).

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