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Home Tech Maruti Suzuki partners with Karnataka Bank to offer attractive car loans

Maruti Suzuki partners with Karnataka Bank to offer attractive car loans

Maruti Suzuki India Limited (MSIL) has signed a Memorandum of Understanding (MoU) with Mangaluru-headquartered private sector lender Karnataka Bank to introduce attractive finance options for customers purchasing their favourite car from the Company. Customers can avail the benefits across 858 branches of Karnataka Bank at metro, urban, semi-urban and rural locations.

Under this collaboration, customers can avail loans up to 85% of the on-road price of all new cars from Maruti Suzuki ARENA and NEXA showrooms. The car loans will bear an interest rate linked to the external benchmark lending rate. Customers can opt for tenure of up to 84 months for their loans.

Also Read: Tata Motors inaugurates 10 new showrooms across Delhi NCR in a day

Rolling out the customer-friendly initiative, Mr. 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.”

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