Maruti Suzuki partners with Indian Bank to offer car loans
Maruti Suzuki India Limited (MSIL) has today partnered with Indian Bank to provide customized auto loans to customers which can be availed at over 5700 branches of Indian Bank.
To facilitate customer financing, Maruti Suzuki India Limited (MSIL) has today partnered with Indian Bank to provide customized auto loans to customers. Maruti Suzuki customers can avail loan benefits at over 5700 Bank of India branches across metropolitan, urban, semi-urban and rural areas.
Maruti Suzuki has an extensive network of 3,357 new car outlets in 2,156 cities and towns. Through this partnership, Maruti Suzuki now has retail finance links with 37 financial institutions, including 12 in the public sector.
banks, 11 private banks, 7 NBFCs and 7 regional rural banks.
Maruti Suzuki customers, under this exclusive program, can avail loans of up to 90% of the car’s on-road price in addition to enjoying zero processing fees, free accident insurance coverage for up to at Rs. 30 lakhs, fastag free and repayment tenure of up to 84 months on their loans. This plan is open until June 30, 2022.
Rolling out the customer-friendly initiative, Shashank Srivastava, Senior Executive Director (Marketing & Sales), Maruti Suzuki India Limited, said, “Customer focus and convenience are at the core of all our operations. Through this partnership with Indian Bank, our valued customers will be able to finance 90% of the on-road car price from over 5,700 branches across the Indian Bank network.
He added, “This will help our customers get an attractive interest rate and EMI options tailored to their needs. Approximately 80% of retail sales in the automotive industry are through finance and to enable our customers to make car buying decisions, Maruti Suzuki has initiated several partnerships with banks and NBFCs in the public and private. We strongly believe that this partnership with Indian Bank will go a long way towards meeting the diverse financing needs of our customers.
Commenting on the partnership, Shanti Lal Jain, Managing Director and CEO of Indian Bank, said, “We are delighted to partner with Maruti Suzuki, India’s largest passenger vehicle manufacturer, to provide
attractive and easy auto financing options for their customers. Indian Bank has a wide presence across the country and we are confident in offering best in class services to Maruti Suzuki customers to fulfill their car ownership aspiration.
He added, “We are committed to making the auto financing experience more convenient for the customer, and a variety of interest rate options will be offered to simplify the financing process.”
Senior executives from Maruti Suzuki India Limited, Vikas Kohli, Vice President (Allied Business) and Indian Bank, Shri Imran Amin Siddiqui and Shri Ashwani Kumar, Executive Directors and Shri Vikas Kumar, Managing Director (Retail Assets) were also present, with their respective teams, on the occasion of the signature of the partnership.