Maruti Suzuki India (MSI) on Tuesday said it has joined hands with Mahindra Finance, one of the leading NBFCs for vehicle loans. As per the tie-up, customers can avail wide options for getting their car financed from Mahindra Finance, MSI said in a statement. The companies have come together to ease the availability of finance for customers looking at personal mobility solutions during the ongoing COVID-19 pandemic, it added.

The scheme offers customers to buy now and pay later (2 months). The scheme also offers quarterly EMIs scheme for people in the agriculture sector.

“Mahindra Finance is a very well networked non-banking finance company (NBFC) across India and has the expertise in lending across all profiles including semi-rural, rural and no-income proof customers," MSI Executive Director (Marketing and Sales) Shashank Srivastava said. More than one-third of Maruti's retail sales come from rural India, he added.

Customers will benefit from the range of offers like buy now and pay later, step-up EMI, and balloon EMI, he added. MSI has a dealer network of over 3,086 showrooms across the country while Mahindra Finance has a network of 1,450 branches.

Under the tie-up, Maruti Suzuki customers can avail wide options for getting their car financed from Mahindra Finance including:

1) Buy now and pay later: Moratorium scheme of 2 months to help customers manage their cash flows.

2) Step-up EMI: Unique step-up option at a frequency of 6 months.

3) Balloon EMI: The customer has to pay 25% of the contract value as of last EMI.

4) Agricultural customer schemes including quarterly EMIs.

5) Low down payment scheme.

The partnership would support all the customer segments -- salaried, self-employed, agriculturists and businessmen to purchase cars, the auto major said.