To spur the demand for its passenger vehicles, the leading car maker is hunting all measures and now it is associating with banks to lower the amount you pay first hand when you buy a car through car loan.
The company as a pilot project has banks to extend greater financing to eligible customers and consequently lower down payment from them. So for an entry level car, customers will need to dole out Rs. 40000 to Rs. 45000 which is almost 10% of the on road price of the car. In the current regime, customers were made to shell out nearly 20% of the car cost as down payment.
"As market leaders, it is our duty to work towards the revival of the industry and through this initiative, we are trying to reduce some of the burden that the customer is facing due to higher vehicle costs and enhanced down payment obligations," Srivastava told TOI. "Down payment will be lowered by 5-10% of on-road price through this." Shashank Srivastava, director (marketing & sales) at Maruti Suzuki.
The scheme has been rolled out since January 1, 2020 in association with Kotak Mahindra Bank and the scheme will be there until the end of the ongoing quarter. "Down payment will be lowered by 5-10% of on-road price through this", he added.