HDFC Bank records 55.4% YoY growth in gross advances in Q4FY24
Bank’s advances inched up 1.6% from Rs 24.69 trillion at the end of December 31, 2023 (Q3 FY24).
Maruti Suzuki India, country’s largest car maker has joined forces with HDFC Bank to offer flexible finance schemes for new car buyers, MSI said in a regulatory filing on Thursday.
The rollout of the schemes comes at a time when the country’s auto sales have crashed amid low demand amid a nationwide lockdown to curb the spread of the coronavirus pandemic, which has hampered the economy and businesses.
The schemes entail MSI customers to have access to a variety of retail finance schemes from HDFC Bank- which include Flexi equated monthly installment (EMI) options under which a customer can avail low EMI for three months every year, up to 100 per cent on-road funding and installments starting from Rs 899 per month, per lakh, for the first six months, Maruti Suzuki India (MSI) said in a statement.
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Commenting on the partnership, MSI Executive Director Marketing and Sales Shashank Srivastava said, “this is an advantage to buyers who may face resource crunch amidst the COVID-19 lockdown.”
He further said, “new car buyers can select from a host of schemes that will offer low down payment options and low EMIs. This would particularly help customers in the entry level segments.”
In addition, digital disbursement makes it more convenient for customers in current times, Srivastava added.
HDFC Bank Country Head for Retail Assets Arvind Kapil said the partnership would provide customized offerings to customers particularly during the ongoing COVID-19 pandemic.
“These are challenging times for the country and we believe it’s the collective responsibility of all stakeholders to provide flexible offerings to customers,” he added.
In view of the current social distancing norms and the need to reduce physical documentation, HDFC Bank would also be offering Maruti Suzuki customers the option of a post-approval digital disbursement, the statement said.
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