Maruti Suzuki India has joined hands with Federal Bank to provide dealer finance and customised auto retail financing solutions to customers. The collaboration is intended towards benefitting the customers with higher loan to value, longer repayment tenure, competitive interest rates and faster processing.
The MoU was signed in the presence of Ajay Seth, senior executive director and CFO, MSIL, Shashank Srivastava, executive director (Marketing & Sales), MSIL, Shyam Srinivasan, MD & CEO, Federal Bank and other senior officials from both the organisations.
Shashank Srivastava, executive director (M&S), MSIL said, “We are extremely delighted and confident that our collaboration with Federal Bank for providing retail financing solution will further benefit our customers. Federal Bank’s extensive presence pan India and strong presence in Kerala and its neighbouring states will help us expand our customer base. Both Maruti Suzuki and Federal Bank are committed to deliver the best customer experience and create delight.”
Shyam Srinivasan, MD and CEO, Federal Bank, said, “We are glad to enter into a strategic relationship with India’s largest passenger vehicle manufacturer - Maruti Suzuki India. This arrangement will help us offer end to end solution for dealers and retail banking customers via best in class technology enabled platform. Our endeavour of seamless financing options shall result in further strengthening market penetration for Maruti Suzuki and our dealer partners and buyers.”
In August 2019, MSIL had inducted Federal Bank as an approved partner for dealer inventory funding. The latest tie-up for retail financing to customers will further offer comprehensive loan access facilities to Maruti Suzuki dealers as well as customers.