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Maruti Car Finance

Maruti is a name to reckon with in India, they have great recall value and have built trust over the many years of operation. Maruti Finance has a special engagement with Maruti automobiles, however, it also extends finance to other brand cars. Maruti Car Finance extends a one-stop-shop experience from the process of selecting your preferred car to loan disbursement. They have over the years evolved their loan processing and disbursement mechanism such that it is convenient for potential customers to avail car finance at ease.

Features and benefits of Maruti Car Finance

Maruti Car Finance extends car loan for all cars sold by Maruti in India, it is also given for other cars. Maruti manufactures and distributes hatchbacks, sedan, luxury, special utility vehicle cars in India.

Availing car finance in a hassle – free manner – Maruti as a car brand is a preferred vendor for many Indians. It is considered a family car by Indians who prefer to buy a car. Maruti Car Finance has an equal presence in urban, semi-urban and rural India.

Frequent launch of offers – Maruti often launches festive offers which provide attractive interest rates. Customers can avail these offers and lock in at low interest rates.

Wider range of financiers – Maruti Finance has tie-ups with many national banks, NBFCs and other financial institutions. This helps the manufacturer offer a wide range of choice to the customers.

Eligibility for car loan from Maruti Car Finance

Maruti Car Finance is available for both salaried and self-employed applicants. However, there are some basic criteria with respect to age, minimum income and stability of income. Some of these eligibility criteria is flexible based on the strata from which the applicant comes. Also, given the various tie-ups, the criteria for each of the financier may differ, however, on a broad basis, the criteria fall within as stated below –

Maruti Car finance
Age Range18 - 65 Years of age
Employment requirementMinimum 3 years
Minimum SalaryRs. 10,000 / month
Loan to valueMaximum 90% car value

While Maruti Finance advertises up to 100% car finance on the ex-showroom price. The loan – to – value is typically around 85% - 90%. The same holds true for Maruti Car Finance as well. After the eligibility is established, one has to initiate the documentation process. This could involve segregation of required documents and submitting along with loan application.

Documentation for Maruti Car Finance

The documentation process is very simple and easy in the case of Maruti Finance. Maruti, the car brand has almost 40% of market share in India. This is a significantly high market share for any single brand. The documentation required for salaried and self-employed category of applicants is different. Find below the documents required in detail

Category of documentationSalariedSelf-employed
Identity proofPAN Card, Aadhar, Driving License, Passport, Voter ID Card or any other document issued by Government of IndiaPAN Card, Aadhar, Driving License, Passport, Voter ID Card or any other document issued by Government of India
Address proofAadhar/Voter ID/ Driving license / Passport copy / Utility Bills - Max 3 months old (Telephone / Electricity /Water /Gas bill) / Ration card / House tax Slip / Registered Rent AgreementAadhar/Voter ID/ Driving license / Passport copy / Utility Bills - Max 3 months old (Telephone / Electricity /Water /Gas bill) / Ration card / House tax Slip / Registered Rent Agreement
Income proofLatest 3 salary slip with Form 16 / ITRLatest 2 ITR with computation of Income; Audited Financials along with schedule, Annexure, etc. (as required in the case of company)
Other documentsSalary Bank Statement for 6 monthsBusiness Bank Statement (income Credit) for 6 months; proof of business; tax registration documents

These documents should be submitted along with completed application form. The documents can be either physically handed over to the representative at the nearest Maruti Finance outlet or the dealer. Alternatively, one can avail the e-approval facility by uploading the documents and loan application form on the website. The loan will be e-approved based on the soft copies uploaded. They will be verified against original at a later point before loan sanctioning.

How to calculate EMI (Equated monthly instalments) for Maruti Car Finance?

Like all other financiers, EMI calculators are inbuilt in their website. In the home screen of Maruti Finance, one needs to enter basic personal details and other details such as type of income, monthly income, age, existing debt etc., Based on the entered criteria and loan value / tenure, the EMI is calculated. This provides a view on the EMI that needs to be set aside on a monthly basis. The potential borrower can get a fair idea of the amount that needs to be allocated on a monthly basis from the net earnings.

There are other websites as well where the EMI can be calculated, the car dealer’s website will also have one such EMI calculator. There are also car loan aggregators such as Credit Mantri who provide a comprehensive / comparative view of car EMIs across various financiers.

What are the charges and fees applicable on Maruti Car Finance?

Like all other financiers, Maruti Car Finance also has a set of standard charges and fees applicable for loan processing and sanction. Although they may vary based on the State of operation and the strata of community they serve (urban / semi-urban / rural), the below table is indicative of the range within which the charges / fees may fall into.

Type of chargeCharges
Part payment chargesAllowed after 12 instalments are paid
Full repayment chargesAllowed after 24 months
Documentation chargesRs. 350 - Rs. 500
Agreement changeUpto Rs. 2500
Loan cancellationUpto Rs. 5000

There are other charges such as Stamp duty, taxes which is dependent on the State of operation. Further, loan swapping, switching payment mode etc., are other benefits given to the borrowers at a nominal cost.

Loan processing and approval

Maruti Car Finance has a very comprehensive process for loan processing and approval. It is a step-by-step process which is streamlined to ensure that optimal operational efficiency is achieved. Maruti Finance has been in the business for a very long time, they have access to the best skills in the market, the representatives ensure that the customers are put at ease and assisted at every level.

  • Customer visits nearest car dealer to finalize the car of his choice
  • Potential borrower checks for eligibility of car loan from Maruti Car Finance
  • Customer fills up the loan application and submits along with required documentation – this can be done physically or through upload onto website
  • Customer’s loan application and documents are verified against originals
  • If all the required documents and details are duly available / filled – it reaches the approval department
  • Loan is approved as applicable within 24 hours
  • It takes not more than 48 hours for loan amount to be disbursed after the sanction has happened

What happens after loan approval?

After the approval of the loan, the loan is disbursed within the agreed / stipulated timeline of 48 hours. The customer can take delivery of the car after the disbursement has happened. The copy of vehicle invoice, vehicle registration and insurance policy will be retained by the financier (in this case Maruti Finance). The car can be used by the customer as applicable. The EMI would kick-in from the subsequent schedule of payment as per the interest rates agreed as part of the contract.

How are the interest rates determined?

Interest rates are dependent on the credit profile of the customer. The customer’s credit profile is often referred to as the credit score. A good credit score indicates that the customer has a better credibility / ability to repay the loan on time. Interest rates also depend on the type of income, income levels, stability of income, age, existing debt against one’s name and the prevalent interest rates in the market.

There are festive offers launched by Maruti Finance from time to time where the interest rates are kept low to attract more customers. This can be availed by the customers to lock-in the best interest rates. The maximum tenure for car loan is generally 5 years, the interest rates also tend to be low if the tenure chosen is longer.

Maruti Finance has been serving its customers for a long period with integrity and ethics of highest order. They have been able to serve a wide audience and have a very vibrant presence in rural / semi-urban / urban India. Maruti, the car brand is known for its durability, longevity and value for money. Maruti Finance lends a helping hand to individuals who wish to drive home their dream family car.

Summary

  • Maruti Finance has many tie-ups thereby providing a wide variety of options to customers
  • Simple eligibility criteria and documentation process
  • Maruti Finance caters to a wide audience across various strata of society

Frequently asked questions

1. What are the ways in which one can apply for the loan?

Maruti Finance car loan can be applied physically by submitting the filled loan application and documents with the nearest Maruti Finance center. Alternatively, the loan can also be applied online through the official website of the bank.

2. What are the basic eligibility criteria for availing car loan from Maruti Finance?

The applicant has to be within the age range of 18 / 21 – 65 years. The applicant can either be a salaried employee or self-employed individual. The source of income has to be steady and should be earning more than the stipulated monthly income.

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