The collaboration focuses on providing tailored financing solutions for Maruti Suzuki Super Carry and Eeco Cargo vehicles across India through SMFG's extensive network
21 May 2025 | 912 Views | By Angitha Suresh
Maruti Suzuki India Limited (MSIL) announced today a new partnership with SMFG India Credit (SMICC) to offer customized auto retail financing solutions for buyers of its commercial vehicles. The Memorandum of Understanding (MoU) signed on May 21, 2025, specifically targets customers of Maruti Suzuki's Super Carry and Eeco Cargo models.
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Maruti Suzuki India Limited (MSIL) announced today a new partnership with SMFG India Credit (SMICC) to offer customized auto retail financing solutions for buyers of its commercial vehicles. The Memorandum of Understanding (MoU) signed on May 21, 2025, specifically targets customers of Maruti Suzuki's Super Carry and Eeco Cargo models.
The agreement was formalized in a ceremony attended by senior executives from both companies, including Partho Banerjee and Nobutaka Suzuki from Maruti Suzuki, alongside Swaminathan Subramanian and Ajay Pareek from SMFG India Credit.
Partho Banerjee, Senior Executive Officer of Marketing & Sales at Maruti Suzuki, stated that the partnership aims to provide customers with easy, flexible financing options. He noted that the Super Carry has been popular among fleet owners due to its load carrying capacity, while the Eeco Cargo has gained traction for its combination of utility and comfort.
Ajay Pareek, Chief Business Officer at SMFG India Credit, expressed enthusiasm about offering credit solutions as part of Maruti Suzuki's vehicle financing network. He emphasized that the collaboration aligns with SMFG's goal to become a preferred lending partner for consumers across India.
The partnership will leverage SMFG India Credit's network spanning 670 towns and 70,000 villages through its 1,000 branches. This extensive reach is expected to facilitate financing accessibility for commercial vehicle buyers throughout the country.
Maruti Suzuki currently maintains a significant presence in India's passenger vehicle market with a network of over 4,000 sales outlets and 5,000 service centers. The company offers 18 different vehicle models and operates research and development facilities in Rohtak with a production capacity of 2.35 million units annually.
SMFG India Credit, a non-banking financial company registered with the Reserve Bank of India, has been operating in the country since 2007 as a wholly owned subsidiary of Sumitomo Mitsui Financial Group. The parent company, SMFG, is one of the largest global banking and financial service groups headquartered in Japan, offering diverse services including commercial banking, leasing, securities, and consumer finance.
This partnership represents another step in Maruti Suzuki's strategy to enhance customer experience through simplified financing processes for its commercial vehicle segment.