Maruti Suzuki India on Tuesday signed an MoU with Muthoot Vehicle and Asset Finance (MVFL) to enable customers avail 100% finance for Maruti cars.
The MoU was signed between Tarun Garg, Vice-President (Sales), Maruti Suzuki and George Alexander Muthoot, Managing Director, Muthoot Group.
Said to be the first of its kind finance scheme, the 'Muthoot Maruti Gold to Car Scheme' (MMG) will give Maruti customers 100% on road financing for their vehicles across Kerala.
The vehicles would be funded by MVFL and the down payment for it would be financed by Muthoot Finance.
Garg said the initiative has been launched keeping in mind a large segment of consumers who cannot arrange for an immediate down payment for a vehicle purchase.
"We are never satisfied. We aim for continuous improvements', he said, adding that the market share of Maruti had been going up in the last three years.
George Alexander Muthoot said this would be a 'win-win' initiative for Muthoot, Maruti and the customers. The tie-up would benefit salaried customers, business profile customers, no income proof customers and NRIs with suitable guarantors, he said.
MVFL carries out its operations through a network of 39 branches spread across 13 districts in Kerala. The company has made considerable forays into financing of used and new commercial vehicles, passenger and goods autos, earth moving equipment and tippers.