Wow! Maruti Suzuki Alto, Baleno, Swift, Dzire and other cars now available at an EMI of just Rs 899

Maruti Suzuki India has joined hands with HDFC Bank to make it easier for customers to purchase a new car. As part of the deal, the customers will get flexible finance schemes from HDFC Bank. The schemes are aimed at making car purchases easier for customers, Maruti Suzuki said in a regulatory filing on Thursday. The schemes come at a time when the auto industry is going through a tough phase due to the nationwide lockdown to curb the spread of the coronavirus pandemic.

The customers will now have the option for EMIs starting from Rs 899. The offer is being extended to the salaried class for the first six months and to the non-salaried class for the first three months. This means that you can purchase some popular Maruti Suzuki cars like Alto and Baleno at a highly affordable price. 

Maruti Suzuki customers can avail a variety of retail finance schemes from HDFC Bank as part of the tie-up, including a "step up EMI plus balloon" scheme with an initial EMI of Rs 1,111 per lakh for loan tenures of 84 months and a "Flexi EMI" scheme with an option to choose low EMIs for three months every year for the tenor of the loan.

The loans will be sanctioned according to HDFC Bank's policy, Maruti Suzuki said.

"We are confident that our collaboration with HDFC Bank for providing retail financing solutions will benefit our customers. This is an advantage to buyers who may face resource crunch amidst the COVID-19 lockdown," said Shashank Srivastava, executive director (M&S), Maruti Suzuki India.

"This would particularly help customers in the entry level segments," he said.

HDFC Bank will also offer Maruti Suzuki customers the option of a post-approval digital disbursement, in view of the current social distancing norms and the need to reduce physical documentation.

“We are happy to partner with MSIL in the endeavour to provide customized offerings to our customers particularly during the ongoing COVID-19 pandemic,” HDFC Bank country head for retail assets Arvind Kapil said.