Maruti Suzuki, India's leading car manufacturer, consistently introduces innovations to enhance customer convenience and offer greater choices.
Maruti Suzuki: Maruti Suzuki, India's leading car manufacturer, constantly strives to provide better features and options for its customers. In line with this commitment, the company has recently launched a new financing scheme. Under this scheme, customers can exchange their old car and acquire a new Grand Vitara SUV for a monthly EMI of just ₹9,999. This plan is particularly beneficial for existing customers looking to upgrade.
This scheme not only offers customers the convenience of easy installments but also provides assurance and flexibility. Customers can upgrade their car at a lower cost and retain the freedom to make future decisions regarding their vehicle.
What is the Grand Vitara and why is it special?
The Grand Vitara is Maruti's mid-size SUV, launched with new hybrid technology, powerful features, and excellent mileage. This car is designed for customers seeking a balance between budget and performance. Maruti has included premium features such as electric motor support, a panoramic sunroof, all-wheel drive (AWD), and a Smart Hybrid system, making it an attractive option in its segment.
Finance Scheme: What's Maruti's new offering?
If you own a Maruti car that is at least 5 years old or has traveled 75,000 kilometers, you can purchase the Grand Vitara under this new scheme on very easy terms. The biggest attraction of this plan is –
- ₹9,999 per month EMI,
- and a 50% guaranteed residual value.
- That is, after 5 years, you will have two options:
- You can return your Grand Vitara to Maruti and receive 50% of the car's initial price in return.
- Or, you can retain the car after completing the EMI payments.
Benefits of the scheme?
- Lower EMI burden – The ₹9,999 monthly EMI is approximately 20% lower than standard market loan plans.
- No down payment, your old car suffices – The existing vehicle will be considered the down payment. An exchange bonus will also be provided.
- Flexibility after 5 years – The customer can choose to return or keep the car.
- No over-financing – The customer will only need a loan for the remaining amount after the exchange.
How will the financing process work?
When a customer applies for the Grand Vitara, their existing car will be considered the down payment. After deducting the exchange value of that car and any applicable bonuses, a loan will be provided only for the remaining amount. This may involve lower interest rates and a simpler process than standard auto loans from banks or NBFCs, as the scheme is backed by the company.
Launch cities?
Maruti Suzuki has announced the launch of this scheme in three major cities:
- Delhi-NCR
- Mumbai
- Bengaluru
This scheme will be piloted in these cities. If the response is positive, the company plans to expand it to other cities and models, including EVs (e-Vitara).
Who will benefit most from this scheme?
- Customers currently driving an older Maruti car and wishing to upgrade.
- Customers who lack significant funds but desire an SUV.
- Customers wanting to adopt new technologies like hybrid/EV.
- Customers requiring fixed EMIs and flexible return options.
Grand Vitara's success so far
According to Maruti Suzuki, the Grand Vitara has crossed the 300,000 unit sales mark in just 32 months of its launch in the Indian market. This demonstrates its popularity and reliability among customers. A key feature of this scheme is that customers do not need a large down payment or extensive financial arrangements. They also have clear choices after 5 years:
- Retain the car,
- Or return it and participate in a new scheme.
