Maruti Suzuki starts vehicle financing for Nexa customers on its platform

Online service 'Smart Finance' to cover 30 cities, Company says this will result in improvement of enquiry to sales conversion

India’s largest carmaker Maruti Suzuki has launched a new verticle launched an online car financing service ‘Smart Finance’ for its premium NEXA customers across 30 cities.

Maruti Suzuki has currently partnered with eight financiers, HDFC Bank, Yes Bank, ICICI Bank, IndusInd Bank, Cholamandalam Finance, AU Small Finance Bank, Mahindra Finance and Kotak Mahindra Prime. Subsequently, the company will include other banks and NBFCs as well.

Shashank Srivastava, executive director, marketing and sales at Maruti Suzuki, said that vehicle finance is one area for which the customers still have to move out of the company’s existing digital platforms and with the introduction of the new platform enquiry to sales conversion is likely to improve.

Srivastava said that the company witnessed a trend where customers were comparing interest rate in third party platforms. “This was leading to a loss of conversion rate for us as sometimes the customer was moving to other OEM. To stop that we will provide top to bottom financing option on our own website," said Srivastava.

 

The Smart Finance initiative looks to offer a comprehensive financing solution online to NEXA customers in a bit to simplify and digitize a customer’s financial process while buying a car. Maruti said in a statement that the Smart Finance platform that is available on the NEXA website will act as a one-stop-shop for the customers.

Its service entails choosing the right finance partner, selecting the best suited loan product, completion of all the finance related formalities such as producing documents, and disbursal of loan.

As the nodal points in a buyers purchase journey turn digital, auto brands are looking at ways to convert their faceless virtual avatars into a sticky web of engagements and create lifelong associations. To do that brand teams are working through the mass of behavioural patterns being evidenced on their digital platforms, to create hooks that would draw new buyers in and keep old followers engaged and interested.

“This platform will provide convenience to the customers since they will not have to check with every bank about the vehicle loans on offer. The dealers may offer limited options depending on the tie up with the banks, while other banks may offer better options. All this information will be available on this platform," added Srivastava.