Maruti Suzuki India has joined hands with Bank of Baroda to support dealer inventory financing and customer auto loans. “The company has signed a memorandum of understanding with Bank of Baroda, under which the bank will become a preferred financier,” said Maruti Suzuki India in a statement.
“The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers,” it added.
“We are confident that this collaboration with one of India’s largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners,” said Shashank Srivastava, MSI Executive Director, Marketing and Sales.
Bank of Baroda MD & CEO PS Jayakumar said, “Given the huge potential available in the auto loan/commercial finance segment, we are hopeful that this agreement strengthens our presence in these segments and increases market penetration for Maruti Suzuki in India.”
Last week, Maruti Suzuki has unveiled new variants of Swift and Wagon R which are in compliance with BS VI. It is becoming the first mass manufacturer to have introduced BS VI compliant vehicle much ahead than April 1, 2020 deadline.