Maruti partners Bank of Maharastra to help dealers with inventory financing
Maruti Suzuki signed an MoU with the Bank of Maharashtra through which the latter will offer dealer inventory financing to Maruti Suzuki India Ltd (MSIL) dealers. With the help of this collaboration, the Bank of Maharashtra’s Mahabank Channel Financing scheme will provide exhaustive financing opportunities for the automaker’s dealer partners across the country.
This will cover about 2,000 branch networks across India and will also offer competitive pricing, informs the car maker. The scheme will also provide the dealers with the facility of convenient re-payment tenures with flexible limits. They will also receive the service of digitised and real-time transactions.
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Senior executive director, marketing and sales, MSIL Shashank Srivastava says that this collaboration will offer new-age banking and finance solutions for the dealer partners. “There is a business requirement to induct more finance partners for dealer inventory funding keeping in mind long term business requirements and contingencies,” he informs. Managing director and CEO, Bank of Maharashtra AS Rajeev shares that this partnership will help Maruti Suzuki to increase market penetration. “We are extremely pleased to partner with MSIL, the largest passenger vehicle manufacturer in India, with an aim to provide enhanced digital lending services to its dealers and thereby produce a great synergistic effect. The tie-up will allow us to further consolidate the business to provide one-stop services under supply chain finance,” he adds.
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Maruti Suzuki also recently launched Maruti Suzuki Smart Finance which is a digital platform that can be accessed from anywhere and at any time to allow customers to finance their vehicles through online means. The automaker has shared that through this facility, a customer can choose a finance partner, select the suitable loan product, complete all finance-related formalities and get disbursal of loan amount digitally. The company is the first in the country to provide a multi-financier, end-to-end online car financing service.