Maruti Suzuki India has launched ‘Smart Finance’, an online financing platform for cars. Various companies offering loans on this platform of the company will offer their products. The company said in a statement that it is launching smart finance service from 30 cities through its Nexa retail chain. Later, the company plans to take it to its second retail chain Arena and more customers by the fourth quarter of the current financial year.
For the new platform, Maruti Suzuki has now selected 8 financiers HDFC Bank, Yes Bank, ICCI Bank, IndusInd Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance and Kotak Mahindra Prime. Smart finance will be available to salaried customers right now. Later on, Maruti will also open it for other economic background customers.
Customers will get personalized loans
According to the company, after Kovid-19, the platform has been introduced by the company to address the concerns of car loans of potential customers under the new normal conditions. In a statement, Maruti Suzuki India (MSI) managing director and CEO Kenichi Ayukawa said that under the Smart Finance platform, they have tied up with several popular financiers to provide their customers with custom curated personalized loan offers. This digital service offers easy financing options and is completely transparent at every stage of the loan process.
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One of the advantages of smart finance is that the customer can customize the EMI by choosing the loan term, interest rate and can choose the downpayment scheme of his / her choice. On the smart finance platform, the customer can compare different car loan offers.
Improved car sales after festivals
On the other hand, regarding the sale of cars after the festive season, the company’s managing director (marketing and sales) Shashank Srivastava said that even after the festivals, the sale of cars is not as bad as was expected. He said that the coming out of the last suppressed demand has helped. But the steady and long demand in the auto sector will depend on the economy and the development of the Kovid-19 vaccine.
Srivastava said that the auto industry is facing a decline in customer trends in terms of bookings and inquiries. However, this decline is minor and not as frightening as the industry had feared. He said that this means the purchase perception remains even after the festival. If we look at the current trend of booking and inquiries, the stock and manufacturing condition of the cars should be right with the dealers in December.
