Maruti Suzuki Online Finance Draws Over 1 Lakh Customers Since Its Introduction

The carmaker has disbursed a total loan amount of Rs 6,500 crore to these customers

In less than a year of inception, Maruti Suzuki’s online finance service has been availed by more than 1 lakh customers, having obtained a total of 6,500 crore as loan amount. The carmaker has also revealed that it has digitalised 24 out of the 26 touchpoints in a car purchase process.

The reasons for it to be preferred by so many customers could be as follows:

• Real-time loan tracking facility

• Credit score-based interest rates

• Pre-approved and custom generated loan offers from multiple financiers

• Online document sharing, and

• Optional co-applicant financing

This service from Maruti is available to both Arena and NEXA customers. Maruti has tied up with 16 financial institutions to help customers prepare their customized finance plan for the purchase of their desired Maruti vehicle.

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Here’s what the carmaker had to say:

Maruti Suzuki Smart Finance – “A Hassle Free & Transparent way to finance your car in just a few clicks, from anywhere”

• Unique online end-to-end car finance solution which is hassle free and transparent 

• Maruti Suzuki Smart Finance platform has disbursed cumulative Rs 6500 crore auto loans to over 1 lakh customers within 9 months of its launch

• Host of Industry first features, pre-approved and custom loan offers from multiple financiers, live loan status tracking and online document sharing

• Available for NEXA and Arena customers, pan-India 

New Delhi, November 8, 2021: Maruti Suzuki’s state-of-the-art online car financing solution – Maruti Suzuki Smart Finance has received a phenomenal customer response. Over 1 lakh customers across India, have availed their online loan sanctions through Maruti Suzuki Smart Finance within 9 months of its introduction. Through this initiative, Maruti Suzuki has digitalised 24 out of 26 touchpoints in a customer’s car purchase journey and has changed the way India finances its cars.

Maruti Suzuki was the first automobile company to introduce a multi financier, end-to-end, unique, online car financing solution, with a real-time loan tracking facility for its customers. It offers a hassle free and transparent solution that helps customers complete their car financing process with just a few clicks. The platform comes with a line-up of industry-first features like credit score-based interest rates, pre-approved and custom generated loan offers from multiple financiers, online documents sharing with real-time loan status tracking. To offer a comprehensive solution Maruti Suzuki Smart Finance has an integrated car exchange journey and an option for co-applicant financing. The entire process is completely transparent with no hidden fees or associated charges.

Mr. Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said, “The recent pandemic induced digital acceleration has paved the way for innovative and robust digital solutions like Maruti Suzuki Smart Finance. When we began the Smart Finance initiative, we were driven by our vision of completely transforming and curating a car-buying experience that is aligned to the demands of digital age customers.”

He added, “Maruti Suzuki Smart Finance, as a concept, is a true disruptor in the market and it is heartening to see it being widely accepted by customers. Crossing over 1 lakh loan disbursals, amounting to more than INR 6500 crore, in such a short period is a significant achievement and heralds a fundamental shift towards a digital-first customer experience. Maruti Suzuki Smart Finance is yet another step by Maruti Suzuki to enhance the customer car buying experience with new and innovative solutions to offer ease of buying in their purchase journey.”

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Maruti Suzuki Smart Finance is available to all Arena and NEXA customers and over 34 lakh customers have visited the platform since its launch. The company has already boarded 16 financiers within a short span. Our partners are: HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance, Kotak Mahindra Prime, Sundaram Finance, HDB Financial services, Karur Vysya Bank Federal Bank and Toyota Financial Services (India). 

Through Maruti Suzuki Smart Finance, the company aims to simplify the car financing and make it more transparent, by empowering the customer to design their own customized loan plan and selecting the best suited finance partner from a bouquet of financing options.