Karur Vysya Bank, Maruti Suzuki tie up to offer car loan

Coimbatore, June 17 (): Karur Vysya Bank (KVB) has entered into an arrangement with Maruti Suzuki to fund buyers of Maruti vehicles.

Both existing and new customers would be eligible to avail themselves of loans from KVB.

The bank is offering a special product for buyers of Maruti Suzuki vehicles under which 100 per cent on-road finance with a six-month holiday period is provided at attractive interest rate, except on Omni and EECO.

The loans are available for salaried and the self- employed. Advertisement

Easy availability of finance is a key driver during these times and this partnership with Maruti Suzuki is a way to offer consumers convenience and cost-effectiveness at the same time, the bank's president and COO J Natarajan said in a press release.

Karur Vysya Bank offers customers in-principle loan sanction in 15 minutes and the existing customers of the bank can get their loans disbursed the same day.

The entire process from application to disbursement of the loan is digitalized with no manual intervention, Natarajan said.

About 80 per cent of the new cars are typically financed via banks in the country. In the current situation of fighting COVID-19 pandemic challenges, such customised finance solutions would help boost customer sentiment, he said.

"Our association with Karur Vysya Bank is another positive step towards providing our customers financial flexibility and ease of owning a new car," Maruti Suzuki India's executive director (Marketing and Sales) Shashank Srivastava said in the release. "We are happy that this customer-focused partnership will pave the way for greater access to financing options and peace of mind to our customers," Srivastava said. NVM NVG NVG

(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)