NEW DELHI: Maruti Suzuki India Ltd (MSIL) has on Thursday joined hands with Federal Bank to provide dealer finance and customised auto retail financing solutions to customers.
The MoU towards to this end was signed between the two institutions in the presence of Ajay Seth, senior executive director & CFO, Maruti Suzuki, Shyam Srinivasan, MD & CEO, Federal Bank and other senior officials from both the organizations.
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, according to an official statement from Maruti Suzuki.
Speaking on the partnership, Shashank Srivastava, executive director (M&S), MSIL said, “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, Shyam Srinivasan, MD and CEO, Federal Bank, said his bank has entered into a strategic relationship with India’s largest passenger vehicle manufacturer – Maruti Suzuki. He said this arrangement will help the bank 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,” he added.
