- Maruti Suzuki and Karnataka Bank sign MoU to introduce finance options

- Customers can avail of loans of up to 85 per cent on the on-road price.

Maruti Suzuki and Karnataka Bank have joined hands to roll out attractive finance schemes for customers willing to purchase new cars. Under the signed Memorandum of Understanding (MoU), customers will be able to avail of the benefits across 858 branches of Karnataka Bank at metro, urban, semi-urban, and rural locations.

Customers intending to purchase a new car from Maruti Suzuki Arena and Nexa showrooms can avail of loans up to 85 per cent of the on-road price of the new cars. The loans will bear an interest rate linked to the external benchmark lending rate. There will be a provision to opt for car loans with up to 84 months of tenure.

Rolling out the customer-friendly initiative, Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said, “This partnership is aimed to make the vehicle buying journey easy and affordable for our customers. Rapid technological development and new digital consumer behaviours are determining auto sales across India. In recent years, Maruti Suzuki has taken many initiatives in this direction, including the launch of digital Smart Finance platform and innovative schemes to help customers buy new cars at an attractive rate of interest and customized EMI as per their requirements. In FY2020-21, under the tie-up with partner financiers, we have financed more than 9.7 Lakh vehicles. We are confident that the latest tie-up with Karnataka Bank will help meet the diverse finance requirements of our customers.”