Maruti Suzuki India Limited (MSIL) today joined hands with Federal Bank a leading private sector bank to provide dealer finance and customized auto retail financing solutions to customers.
The MoU 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, Ms. Shalini Warrier, COO and Business Head – Retail, 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.
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 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 class technology enabled platform. Our endeavor of seamless financing options shall result in further strengthening market penetration for Maruti Suzuki and our dealer partners and buyers.”
