AU Small Finance Bank (AU SFB) has partnered with Maruti Suzuki India to launch 'Suhana Safar', a recurring deposit (RD)-backed auto loan scheme designed to make car ownership more accessible for first-time buyers.
Available across authorised Maruti Suzuki dealerships, the scheme covers four entry-level models—Alto K10, S-Presso, Celerio and WagonR.
Under the programme, customers open a recurring deposit account with AU SFB and contribute a fixed monthly amount equivalent to their prospective EMI for three to six months. The deposit earns interest during the tenure, and on maturity, the accumulated amount is used as the vehicle's down payment, after which the bank sanctions and disburses the auto loan.
The scheme aims to address a key challenge faced by first-time buyers by allowing them to build savings, earn interest and assess their repayment capacity before taking on a loan.
It also enables AU SFB to assess a customer's creditworthiness at two stages—at enrolment and before loan disbursement.
Currently, AU SFB offers recurring deposit 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.
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