Maruti Suzuki Smart Finance disburses Rs 6,500 crore worth of loans in past four months

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India’s largest carmaker has disbursed about 100,000 loans valued at Rs 6,500 crore in the past four months through Maruti Suzuki Smart Finance, an online platform offering real-time car finance service facility to buyers.

Shashank Srivastava, senior executive director (marketing and sales) at Maruti Suzuki, said the company has seen a rapid increase in the number of consumers availing financing solutions through the platform in FY22.

“We extended the finance service facility across both NEXA and Arena channels nationally from the start of the fiscal year. We have on board 15 financiers that cover 95% of the auto retail financing market,” he said.

Maruti Suzuki has partnered 15 financiers, including HDFC Bank, , Axis Bank, IndusInd Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance and Kotak Mahindra Prime, for the service.

The platform is likely to replace traditional financing service channels for Maruti Suzuki’s customers.

As many as 116,000 loans have been sanctioned and 100,000 loans disbursed through the platform in the past few months. The penetration of loans disbursed through the platform stands at 28% currently, up from 5% in the last financial year.

Nearly 80% of customers at Maruti Suzuki avail of financing solutions while purchasing a vehicle.

“Banks and financial institutions can now tap a large number of customers easily at the stage of inquiry through our platform. Our customers, in turn, can avail financing solutions conveniently online, compare rates, and check the status of loan applications without having to visit a bank. It is a win-win for all,” said Srivastava.

Maruti Suzuki launched the Smart Finance platform for NEXA customers across 30 cities in December last year, and later extended the service nationally to include consumers purchasing vehicles across the entire NEXA and Arena sales channels from April 2021.

Through the “Smart Finance” service, Maruti Suzuki aims to simplify and digitalise the customer’s car-buying journey with a bouquet of financing options. Customers can choose the right finance partner, select the best-suited loan product, complete all finance related formalities and avail disbursal of the loan on the platform. A customer can also compare multiple scenarios for his car loan and make an informed choice of loan partner, loan tenure on the Smart Finance platform.

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