With an objective to facilitate easy financing for customers, Maruti Suzuki India Limited has partnered with HDB Financial Services Limited (HDBFS), a leading Non-Banking Financial Company (NBFC), to provide customized and attractive car loans for customers. The MoU was signed in the presence of Mr Shashank Srivastava, Executive Director (Marketing & Sales), MSIL, Mr G Ramesh, MD & CEO, HDBFS and other senior officials from both the organizations.
The tie-up will facilitate loans for both new and used cars. Maruti Suzuki has a vast network of 3,066 new car retail outlets across 1,953 cities and towns. Maruti Suzuki also has 569 outlets of pre-owned car retail channel True Value in over 280 locations. With this MoU in place, Maruti Suzuki now has a retail finance tie-up with 26 banks, 7 NBFCs and 8 Regional rural banks. Incorporated in 2007, HDB Financial Services Limited is a subsidiary company of HDFC Bank. It has a network of over 1,425 branches in 1,038 towns and cities.
Henceforth, Maruti Suzuki will be making petrol-powered cars only, filling the gap left by diesel with CNG as an alternate source of power for the engines. The manufacturer recently introduced the Vitara Brezza with a 1.5-litre petrol engine and next up is the S-Cross, which will be offered with the same motor. The carmaker also showcased the Futuro-e at the Auto Expo 2020, which previews a new design language for upcoming cars from India’s most-popular car company. Enthusiasts will be happy to know that the Jimny is being considered for introduction in India and if all goes well, should be here by the end of this year.
Commenting on this new partnership with HDB Financial, Mr Shashank Srivastava, Executive Director (Marketing & Sales), MSIL said, “Maruti Suzuki offers the convenience of buying a car along with other services such as finance, insurance and accessories under one umbrella. The partnership with HDB Financial Services Limited, will boost the convenience by offering attractive loan schemes to customers. There is a huge potential in the Indian automobile industry and attractive retail financial solutions will help us put the market on a growth trajectory. HDBFS has a strong network and being an NBFC it overcomes challenges being faced in conventional lending, thus giving semi-rural and rural India the access towards credit. This also helps in increasing the penetration of financial inclusion for potential customers.”