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Maruti Suzuki, HDFC Bank's flexible car EMI options come at a cost
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Maruti Suzuki India Ltd, India’s largest carmaker, has partnered with HDFC Bank Ltd to offer flexible equated monthly instalment (EMI) options to new car buyers.
The bank is offering three repayment options to borrowers who could be facing a cash crunch during the lockdown due to the covid-19 pandemic.
Of the three finance schemes, two focus on lower EMIs in the initial months. The first scheme combines step-up and balloon payment where the initial EMI is as low as ₹1,111 per lakh for a loan tenure of 84 months.
The second option allows the borrowers to pay lower EMIs for the first six months (for salaried) or three months (for self-employed).
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