The new Baleno can be booked with an initial payment of Rs 11,000, MSI said in a statement.
The company expects to launch the model later this month or early next month.
Giving details about the model, MSI said the updated Baleno will come with new and aggressive front design.
The model will offer additional safety features like speed alert system, co-driver seat belt reminder and rear parking assist sensors, it added.
These features are over and above the standard dual airbags, child seat restraint system (ISOFIX), pre-tensioner and force limiter seat belts and ABS with EBD.
Since 2016, Baleno has featured among India's top-selling cars. With 14 per cent growth in first nine months of 2018-19 over last year, Baleno holds the industry record of fastest 5 lakh sales milestone within a record time of 38 months.
The company has sold over 5.2 lakh units of the model cumulatively till date.