Maruti Suzuki India Limited announced on June 16, 2025, the signing of a memorandum of understanding with ESAF Small Finance Bank to offer retail financing solutions for new cars, used cars, and commercial vehicles. The partnership focuses on providing financing options for first-time buyers through the combined networks of both organizations in Tier 2 and Tier 3 cities.
The agreement was formalized in the presence of senior executives from both companies. Partho Banerjee, Senior Executive Officer for Marketing & Sales, and Vishal Sharma, Vice President of Maruti Suzuki Finance & Driving School, represented the automotive manufacturer. K. Paul Thomas, MD & CEO of ESAF Small Finance Bank, led the bank's delegation along with other senior officials.
The collaboration leverages Maruti Suzuki's extensive retail network and ESAF Small Finance Bank's presence in underserved markets. The partnership aims to make vehicle ownership more accessible by offering flexible repayment solutions tailored to customers who may be purchasing their first vehicle.
ESAF Small Finance Bank operates 787 branches, 693 ATMs, and 1,106 Customer Service Centres across 24 states and two union territories as of March 2025. The bank, which began operations in 2017, focuses on serving underserved populations including women, micro-entrepreneurs, and rural communities.
Maruti Suzuki maintains its position as India's leading passenger car manufacturer with over 4,000 sales outlets and more than 5,000 service centers nationwide. The company offers 18 vehicle models across different price segments and operates manufacturing facilities with a combined annual production capacity of 2.35 million units.
The partnership represents both companies' efforts to expand vehicle financing access in markets where traditional banking services may be limited. The collaboration targets regions where vehicle ownership rates remain lower compared to major metropolitan areas.