Today, Maruti Suzuki joined hands with Federal Bank to provide dealer finance and customised auto retail financing solutions to customers. The MoU (Memorandum of Understanding) was signed in the presence of Mr Ajay Seth, Senior Executive Director & CFO, MSIL, Mr Shashank Srivastava, Executive Director (Marketing & Sales), MSIL, Mr Shyam Srinivasan, MD & CEO, Federal Bank and other senior officials from both the organizations. Previously, MSIL (Maruti Suzuki India Limited) had already introduced Federal Bank as an approved partner for dealer inventory funding, however, the latest tie-up between the two companies will offer retail financing to customers. Also, the finance options include comprehensive loan access facilities to both, Maruti Suzuki dealers as well as customers.
Speaking on the partnership, Mr 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.”
Sharing his thoughts on the alliance, Mr 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 Limited. This arrangement will help us offer end to end solution for dealers and retail banking customers via best in the 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 other news, Suzuki Motorcycle India Private Limited (SMIPL), recently announced its partnership with HDB Financial Services (HDBFS), to provide its customers with around the clock easy and hassle-free retail finance options to purchase their favourite Suzuki two-wheeler with added benefits like free roadside assistance, loyalty card and much more. HDB Financial Services is a leading Non-Banking Financial Company (NBFC), which provides vehicle finance options for new 2-wheeler customers across the country. Suzuki’s latest 2-wheelers like the Gixxer Series and Gixxer SF Series can also be purchased via HDB’s financial services.