Maruti Suzuki India Limited, the country’s largest automaker, has launched an online financing platform for its customers Arena and Nexa.
According to the automaker, the Smart Finance platform, accessible at any time during the vehicle purchasing process, will provide customers with end-to-end online auto finance solutions.
“Maruti Suzuki Smart Finance – India’s first revolutionary digital platform provides customers with an end-to-end online auto finance solution,” the company said.
A client will be able to benefit from the following services via the new online service: selection of the right financing company and the most suitable loan offer, completion of all formalities related to financing and disbursement of the loan.
The platform also offers an old car swap function. This feature will allow customers to get an estimated value of their existing cars when purchasing a replacement.
“To make online car financing more comprehensive, Maruti Suzuki Smart Finance offers an integrated customer exchange journey. This will allow customers to get an estimated value for their old cars when purchasing a replacement, ”the company said in a statement.
In addition, the platform will also offer the possibility of co-applicant funding. This is a form of financing where the co-applicant becomes the co-borrower once the loan application has been approved. In most cases, applying with an additional person improves the chances of loan approval and provides better loan terms.
For the online financing service, Maruti Suzuki India has partnered with 14 financiers – HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda, Karur Vyasa Bank, Cholamandalam Finance, AU Small Finance Banque, Mahindra Finance, Kotak Mahindra Prime, Sundaram Finance & HDB Financial services.
The company said it was in the process of recruiting more financiers.
Speaking about the new service, Shashank Srivastava, Senior Executive Director (Marketing and Sales), Maruti Suzuki India, said: “Before even entering a car dealership, most potential buyers already start their buying process. online, browsing cars and financing options. In light of changing customer behavior, we launched Maruti Suzuki Smart Finance which enables customers to benefit from an end-to-end online auto finance solution. “
The company had carried out a pilot project in limited cities last year. “More than 25 lakh customers have visited the Maruti Suzuki Smart Finance platform since its inception. Over 160,000 customers have configured the on-road pricing and over 40,000 customers have downloaded the financial sanction letter online. This gave us the confidence to launch it in India with 14 financial partners offering personalized financing options to our clients, ”said Srivastava.