Maruti Suzuki, one of India’s leading automobile manufacturers, has partnered with Equitas Bank to offer retail car loans to its customers. This collaboration aims to provide easy and affordable financing options to individuals looking to purchase a Maruti Suzuki vehicle. With this partnership, customers can enjoy competitive interest rates, flexible repayment terms, and a streamlined loan application process.
Equitas Bank, a small finance bank, has a strong presence in the country, with a network of over 850 branches and a customer base of over 3.5 million. The bank’s expertise in providing financial services to the underserved and unbanked segments of the population aligns with Maruti Suzuki’s objective of making car ownership more accessible to a wider audience.
The partnership between Maruti Suzuki and Equitas Bank will enable customers to avail of loans at competitive interest rates, starting from 8.5% per annum. The loan tenure can range from 3 to 7 years, allowing customers to choose a repayment plan that suits their financial needs. Additionally, the loan application process has been simplified, with minimal documentation required, making it easier for customers to avail of the loan.
This collaboration is expected to benefit Maruti Suzuki customers, particularly in rural and semi-urban areas, where access to financing options is often limited. With Equitas Bank’s extensive network and expertise in providing financial services to these segments, Maruti Suzuki aims to increase its market penetration and reach a larger customer base.
The partnership is also expected to drive growth for Maruti Suzuki, as it will enable the company to tap into the growing demand for passenger vehicles in the country. The Indian automobile market is witnessing a surge in demand, driven by factors such as increasing disposable incomes, improving road infrastructure, and government initiatives to promote the sector.
In a statement, Maruti Suzuki said that the partnership with Equitas Bank is a significant step towards making car ownership more accessible and affordable for its customers. The company aims to provide a seamless and convenient experience for its customers, from the time they decide to purchase a vehicle to the time they drive it out of the showroom. With this partnership, Maruti Suzuki is poised to strengthen its position in the Indian automobile market and continue to be the leader in the passenger vehicle segment.