·
Available across four Maruti Suzuki models - Alto
K10, S-Presso, Celerio, and WagonR, through authorised Maruti Suzuki
dealerships
·
AU SFB’s Recurring Deposits offer interest
rates ranging from 4.75% to 7.40% per annum for the general public, and 5.25%
to 7.90% per annum for senior citizens
·
RD savings can help fund your dream car
ownership journey
Mumbai : AU Small
Finance Bank (AU SFB), India’s largest Small Finance Bank and among the first
in over a decade to receive in-principle approval for transition into a
Universal Bank, has entered into a strategic partnership with Maruti Suzuki
India Limited (MSIL) to launch an industry-first initiative, “Suhana
Safar” - a Recurring Deposit (RD)-backed auto loan scheme designed
to make car ownership more accessible for aspiring first-time buyers of the
most popular models; Alto K10,
S-Presso, Celerio, and WagonR.
Suhana Safar addresses
one of the most common barriers to first-time car ownership - the challenge of
mobilising a down payment and committing to an EMI, without prior financial
readiness.
Under the scheme, a customer
opens a Recurring Deposit (RD) account with AU SFB and deposits a fixed monthly
amount - equivalent to the prospective car EMI, for a period of three to six
months. The RD earns interest during this tenure, and on maturity, the
accumulated amount is utilised as the down payment, following which the Bank
sanctions and disburses the auto loan.
As a structured RD-backed
solution, the scheme enables customers to build savings, earn interest, and
assess their repayment comfort before availing the loan, thereby creating a
seamless, end-to-end journey from disciplined saving to confident ownership
within a single banking relationship.
The scheme creates a win–win
proposition for both the customer and the Bank, as it enables the Bank to
assess the customer’s creditworthiness at two stages - initially at enrolment
and subsequently at the time of loan disbursement.
Currently, AU SFB offers RD
interest rates ranging from 4.75% to 7.40% per annum for the general public,
and 5.25% to 7.90% per annum for senior citizens