India’s largest car manufacturer Maruti Suzuki India (MSI) on Wednesday launched a multi-financier online car financing platform called Smart Finance across 30 cities.
The company has partnered with eight financiers – HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance and Kotak Mahindra Prime.
The new platform allows customers to compare multiple options regarding car loans and offers from various financiers, and then make a choice based on the financier and loan tenure, the auto major said.
“It aims to simplify and digitalise the customer’s car buying journey with a bouquet of financing options,” it said.
The new Smart Finance platform is presently hosted on its premium car retail chain Nexa’s website (www.nexaexperience.com) which will offer customers a one-stop-shop experience for their complete vehicle finance needs.
“The NEXA website will act as a facilitator between the customer and the financier providing wide variety of choices on the loan offers, real time status updates and in turn providing a hassle free and transparent financing solution,” the MSI statement said.
At present, the new Smart Finance platform is available for salaried customers in 30 cities – Delhi, Gurugram, Lucknow, Jaipur, Mumbai, Pune, Ahmedabad, Chennai, Bangalore, Hyderabad, Indore, Kolkata, Cochin, Chandigarh, Guwahati, Goa, Bhubaneswar, Bhopal, Coimbatore, Surat, Vadodara, Ranchi, Raipur, Nagpur, Trivandrum, Vishakhapatnam, Udaipur, Kanpur, Vijayawada, and Dehradun.
However, MSI plans to expand the service to its ARENA customers in the future. Apart from this, the automaker also intends to add new financiers, include self-employed profiling and extend to new cities in the future.
Speaking about the new platform, MSI’s Managing Director and CEO Kenichi Ayukawa said, “Under the Smart Finance platform, currently hosted on the NEXA website, we have partnered with several popular financiers to provide custom curated personalized loan offers for our customers. This digital service offers easy financing options and is completely transparent at each stage of the loan process. Among other advantages, the customer gets to customize the EMI, by choosing the loan tenure and interest rate and select a preferred down-payment scheme.”
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