Maruti Suzuki India Limited (MSIL) has announced that its customers can now finance their cars online with Maruti Suzuki Smart Finance. Maruti Suzuki says that this service will be available for Arena as well as Nexa customers and it is available across India. As per the company, it covers a wide range of profiles to meet the demands of a diverse range of customers.
Maruti Suzuki was the first automobile company, to introduce a multi financier, end-to-end online car financing solution with real-time loan status tracking. Maruti Suzuki Smart Finance was rolled out in limited cities in December 2020. Since its launch, it has seen over 25 lakh customer visits.
Maruti Suzuki claims that the Maruti Suzuki Smart Finance is a one-stop online finance portal that empowers customers with a host of options. These options include choosing the right finance partner, selecting the best-suited loan product, completing all the finance related formalities and disbursal of the loan, online.
To make online car financing more comprehensive, Maruti Suzuki Smart Finance has an integrated exchange customer journey. This will empower the customers to get an estimated value of their old cars in case of a replacement purchase. In addition to this, the platform now also offers the option of co-applicant financing, covering a wide spectrum of customer profiles.
Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki India, said, “Even before walking into a car dealership, most potential buyers already start their shopping process online — browsing cars and finance options. Keeping in view the changing customer behaviour, we have launched Maruti Suzuki Smart Finance - India’s first ground-breaking digital platform that enables customers with an end-to-end online car financing solution. To enhance the consumer experience, we have included several industry-first features in the platform.”
He added, “We had done a pilot project in limited cities, last year. The response from customers has been encouraging. More than 25 lakh customers have visited Maruti Suzuki Smart Finance platform since its inception. Over 1,60,000 customers configured on-road prices and more than 40,000 customers have downloaded the finance sanction letter online. This gave us the confidence to launch it pan India with 14 partner financiers offering personalised financing options for our customers.”
Maruti Suzuki Smart Finance currently has 14 financiers onboard: 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 Bank, Mahindra Finance, Kotak Mahindra Prime, Sundaram Finance & HDB Financial services. The company is planning to add more financiers and structured finance products, in future enhancements, to provide an unparalleled car financing experience to the customers.