Know more about Maruti Suzuki Leasing
What is Maruti Suzuki Leasing?
Maruti Suzuki Leasing, available from Maruti Suzuki specially designed for businessmen, self employed professionals and corporates. Enjoy more savings and convenience on a Maruti Suzuki leased car.
What is car leasing?
Car leasing is a way of acquiring a new car for a flexible tenure and usage of your choice. Maruti Suzuki Leasing is the ideal car lease service offered on all Maruti Suzuki products.
What is lease rental?
The fixed amount payable for the usage of the car for the contracted tenure and mileage. It covers vehicle cost and insurance for the entire term. If customer opts for service, it may also be added in the lease rental.
How is lease rental calculated?
It is calculated based on the vehicle model as well as specific usage of the car according to the tenure and monthly mileage.
What is residual value?
The market-based resale price of the car expected at the end of the lease tenure is called residual value.
What is resale value risk?
It is possible that due to technological advancement or government order or change in regulations, the vehicle may suffer loss in resale value at the time of disposal. Under Maruti Suzuki Leasing, customer is immune to resale value risk.
How is residual value calculated?
The residual value of the car is calculated based on the tenure, contracted mileage and the fuel type. It is susceptible to risks from uncontrollable factors like economy, regulation, style, technology, upgrade & accidents.
Who will claim depreciation on the car?
Maruti Suzuki Leasing lease partner will claim the depreciation of the car.
Is there any processing fee involved?
No processing fee is involved.
Will customer need to pay anything other than lease rental?
There are no hidden charges in a lease agreement. The customer does not need to pay anything other than lease rental as per the terms and conditions of the contract.
How is the lease rental collected from me?
The lease rental is collected through fixed monthly rentals in form of ECS/NACH which are fixed for the tenure of the lease and payment is due on 1st of every month.
What is the maximum limit on mileage and tenure for leasing?
Maximum tenure is 5 years. Maximum mileage can be 3000 kms per month, but it is evaluated on case to case basis.
After the tenure is finished and contract is over, is the contract valid?
At the end of tenure, lease agreement will still remain valid. The client can choose to extend the current lease or take another new car on lease.
Will leasing affect my credit borrowing capacity?
While loan impacts the credit borrowing capacity, the lease rental is shown as expenditure in the books of accounts, hence there is no negative impact on credit borrowing capacity. Leasing keeps the asset off balance sheet.
If police takes custody of vehicle, how Maruti Suzuki Leasing will help?
It is responsibility of the client/user to get the impounded vehicle released, just like in case of loan.
FEATURES AND BENEFITS
What are the features and benefits of lease option?
You can enjoy various benefits with leasing. Zero down payment, effortless maintenance, easy upgrade, healthier balance sheet, more savings, fixed rental, no resale risk, complete insurance cover and value added services.
Are towing charges included in the maintenance charges?
Yes, charges for towing to the nearest Maruti Suzuki authorized workshop are included in the maintenance package.
Can I avail leasing without Vehicle Maintenance Solution?
Yes, such option is available, but then all risk pertaining to repair and damage are with the client. However, in such cases, insurance coverage for the entire tenure is included.
What does the maintenance package cover?
The maintenance package includes all scheduled and unscheduled repairs of the car during the lease tenure. It also includes batteries, tyres etc. Insurance renewals for the entire term are covered. The package also comes with value added services like pick-up and drop, replacement car and 24/7 breakdown assistance.
Does Vehicle Maintenance Solution ensure service facility at all Maruti Suzuki workshops?
Yes. However, based on your location, suitable dealer workshop will be aligned.
In case of accident who takes care of the damages?
Accidents are covered under Maruti Insurance done by Maruti Suzuki Leasing.
Does maintenance package cover wheel alignment and balancing?
Yes, services are covered as per owner’s manual.
Does maintenance package cover PUC?
No, but PUC is done by Maruti Suzuki authorized dealer at nominal charges.
What are the expenses in case of accidents?
Client does not have to pay anything additional in case of partial damage, if they have opted for this service as per agreement.
What happens in case of total loss (major accident)?
Customer obligations are defined in the agreement.
What happens if I drive car more than the contracted kilometers?
Excess kilometer charges as stated in the agreement will be applicable, to be paid at the end of the tenure.
What if my running is less than contracted kilometers?
No additional charges will be applicable at the end of tenure.
What are the steps to leasing a car?
1. Customer Enquiry
2. Document Collection
3. Credit Appraisal
4. Agreement Signing
5. Vehicle Delivery
Where does the car have to be surrendered at the end of tenure?
The car has to be surrendered to Maruti Suzuki Leasing Lease Partner in the same city where it was leased.
How many days does it require to take car on lease?
Up to 7 days, depending on the documentation from client side and registration proceedings from the concerned RTO.
In whose name will car be registered, in case of firms?
The car will be registered in the name of the firm with which the lease agreement would be signed.
In whose name will car be registered in case of self-employed professionals?
The car will be registered in the name of the proprietorship firm OR in the name of the business/firm of the self-employed professional.
How do I manage insurance renewal for my leased car?
Vehicle under Maruti Suzuki Leasing comes with zero dep Maruti Insurance with renewals covered for the entire lease tenure. Our dealership will renew the policy and deliver it every year.
In case of theft, what will be the modalities?
In event of theft of car, customer must immediately notify the nearest police station and obtain copy of FIR. Registration, chassis and engine number must be specified in the FIR. Then insurance claim processing will be done based on paperwork and payment of charges. Customer will deliver all necessary documents to designated lessor (Maruti Suzuki Leasing Lease Partner).
Is consumer offer applicable on leasing?
Yes, all consumer offers are applicable on leasing. Additional offers may also be applicable from time to time only for leasing.
How can I take leasing in exchange for my old car?
Client keeps the amount received against sale of old car at Maruti Suzuki True Value and new vehicle is leased to client with all the benefits of loyalty or exchange bonus, if any offered by dealer.
ELIGIBILITY AND DOCUMENTATION
How long does credit evaluation take?
Provided complete documents are submitted, credit evaluation normally takes up to 2-4 working days.
How many agreements do I have to sign?
Just one lease agreement needs to be signed with Maruti Suzuki Leasing Lease Partner under which multiple cars can be taken on lease.
How many cars can I get through leasing?
It is subject to credit approval.
What are the documents required for leasing?
Depending on nature of business, list of documents is given for reference.
Common documents required for credit appraisal
- Signature verification + Photo ID and Address Proof (Voter ID/Passport/Aadhar Card)
- PAN Card
- 6 Months bank statement
- Income Tax Return for last 2 financial year with computation/Latest 2 years complete Audited Financial with Audited Report
- Previous loan detail if any
- Any proof (Telephone Bill/Electricity Bill/ Lease Agreement) if the address to be mentioned in the agreement is different from the registered office or shop
- CIBIL Letter
Additional documents required for partnership
- Partnership Deed (copy of both side pages)
- Residence proof of Partner who is signing finance documents on behalf of the firm
- Signature verification of all partner different from the registered office or shop
Additional documents required for proprietorship
Registration Certificate (VAT Certificate/BIZ Proof)
Additional documents required for private limited
- Certificate of Incorporation
- Memorandum and article of association
- Address Proof of the Co. (Copy of Form 18)
- If any other person other than the director is signing then a certified copy of the resolution authorizing him to sign the agreement or else, a copy of the power of attorney in his name, if the same is available
- Share holding pattern of the company on company’s letter head, signed and stamped
- List of Directors mentioning their designation and residential address on the company’s letter head signed and stamped
- Board Resolution (Signed by 2 Directors with Directors Stamp)
- Form 32, if applicable
What is the process of foreclosure?
Foreclosure terms are mentioned at the time of signing the agreement.
In what cases is foreclosure allowed? What is the minimum time limit?
The client can foreclose the car after first 6 months and before the last 6 months of the lease tenure.