Maruti Suzuki Smart Finance disburses over Rs 6,500 cr automobile loans

The country's largest carmaker, Maruti Suzuki India Ltd on Monday said its online car financing platform Maruti Suzuki Smart Finance, has disbursed a total of over Rs 6,500 crore automobile loans to over 1 lakh customers within nine months of launch.

Through the platform, the company introduced a multi financier, end-to-end, online car financing solution, with a real-time loan tracking facility for its customers with features such as credit score-based interest rates, pre-approved, and custom generated loan offers from multiple financiers, online documents sharing with real-time loan status tracking.

"Crossing over 1 lakh loan disbursals, amounting to more than Rs 6,500 crore, in such a short period is a significant achievement and heralds a fundamental shift towards a digital-first customer experience," Maruti Suzuki India Ltd (MSIL) Senior Executive Director (Marketing & Sales) Shashank Srivastava said in a statement.

Maruti Suzuki Smart Finance is yet another step by Maruti Suzuki to enhance the customer car buying experience with new and innovative solutions to offer ease of buying in their purchase journey, he added.

Srivastava said the coronavirus pandemic-induced digital acceleration has paved the way for innovative and robust digital solutions like Maruti Suzuki Smart Finance.

"When we began the Smart Finance initiative, we were driven by our vision of completely transforming and curating a car-buying experience that is aligned to the demands of digital-age customers," he added.

The platform is available to all Arena and NEXA customers and over 34 lakh customers have visited the platform since its launch. MSIL had partnered with 16 financiers, including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, State Bank of India, IndusInd Bank, Bank of Baroda, and Toyota Financial Services (India) for the purpose.