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Maruti Suzuki to offer subscription-based Car Leasing for individuals

Nizam Shaikh
Written by Nizam Shaikh

Indian car giant Maruti Suzuki has started offering lease subscriptions to individuals which were earlier available to only corporates. Maruti Suzuki Subscribe will initially offer individual leasing subscriptions in Gurgaon and Bangalore as a pilot project that is expected to be expanded to other cities. 

The Maruti Suzuki leasing offers subscription tenures for a 24, 36, and 48 months during which the customer pays a fixed amount on a monthly basis which also includes the vehicle’s maintenance and insurance. The brand is offering brand new Maruti Suzuki cars –  Swift, Dzire, Baleno, Ciaz, Ertiga and XL6 as part of the leasing scheme. 

The leasing service is offered for corporate as well as small and medium enterprises along with self-employed professionals and offers benefits such as zero down payment, effortless maintenance, no resale risk, easy upgrade, complete insurance cover and other value-added benefits such as efficient taxation, an off-balance-sheet transaction as well as zero impact on borrowing capacity. 

In other news, the brand has also announced its sales performance for the first quarter of 2021 with total sales of 76,599 units which includes 66,165 units domestic, 862 units to other OEM and 9,572 units exported. For the month of June 2020, the brand has sold 57,428 units including domestic plus export. For the same period in the last year, the brand sold 124,708 units which are a decline of 54%. 

For the month of April and June 2020-21, the brand sold 76,599 units as compared to 402,594 unit sold in the last year for the same period that is a decline of 81%. The sales decline during the period of June 2020 and Q1 FY 20-21 should be seen in the context of the ongoing COVID-19 pandemic, lockdowns and restrictions required for safety. In addition, Maruti Suzuki in the last month announced that the company has sold 106,443 factory-fitted CNG vehicles across India thus achieving the highest ever sales of eco-friendly CNG-powered cars in FY 2019-20.