Maruti Suzuki India Limited (MSIL) has announced its collaboration with the Axis Bank to provide better financing options to potential car buyers.

As Maruti Suzuki says, Axis Bank is one of the key partners of the automaker for dealer inventory as well as retail financing solutions.

As a part of the tie-up, Axis Bank will offer flexible EMI options to the Maruti Suzuki car buyers to ease liquidity and repayment stress. The automaker also claims that Axis Bank will offer 100 percent on-road funding for salaried customers for 8 years with the financing options of step-up scheme, Balloon EMI scheme, low EMI scheme etc.

Elaborating on the partnership, Shashank Srivastava, Executive Director (Marketing & Sales), Maruti Suzuki India, said, “One of the impacts of COVID-19 pandemic has been a change in people`s behavior when it comes to mobility. Concern over safety and maintaining social-distancing has uptick the preference for having a personal vehicle. We are confident that this association with Axis Bank will help our customers in offering convenient, affordable and cost-effective finance solutions for buying cars. With this tie-up, our customers will have a wide array of easy finance options to choose from.”

Pralay Mondal, Executive Director (Retail Banking), Axis Bank, said, “It’s always been our endeavor to engage with our esteemed clients and offer them customized finance solutions for different customer needs. Our primary objective has always been to provide ease and convenience for our customers. The COVID-19 Pandemic has created a need for more creative and flexible financing options for Maruti Suzuki car buyers and our best-in-class financing solutions will provide the much-needed hassle-free experience of car buying and financing.”

Previously, Maruti Suzuki has also partnered with other banks like ICICI, HDFC and Bank of Baroda to offer the customers various financing options.