Maruti Suzuki signs MoU with Indian Bank for vehicle Loans

Maruti Suzuki India (MSI) on Wednesday said it has started a joint venture with Indian Bank to work with easy loan options for the customers.

Maruti Suzuki announced its partnership with the Indian Bank for providing easy loan options for Indian customers. In a press conference, they emphasized that being an important part of the organization, the customers can take advantage of this exclusive scheme wherein Indian Bank is offering up to 90 percent of the on-road price besides giving the added benefits of zero processing charges, free accidental protection of up to Rs 30 lakh, free fastag, and reimbursement tenure of as long as 84 months on their loans. This exclusive scheme can be availed till June 30, 2022.

Maruti Suzuki India (MSI) on Wednesday said that with this Mou signed, Indian Bank can now provide easy financing options to a huge section of people across different segments of Indian society belonging to different area patterns like urban, semi-urban, and rural as Maruti has a vast network of customers with 3,357 new retail outlets across 2,156 cities and towns. Meanwhile, Indian Bank itself has a reach in 5,700 cities with branches in different locations.

MSI Senior Executive Director (Marketing and Sales) Shashank Srivastava stated that "About 80 percent of retail sales in the automobile industry happen through financing and to enable our customer's car-buying decisions, Maruti Suzuki has initiated several partnerships with banks & NBFCs across the public and private sectors. It is our firm belief that this partnership with Indian Bank will go a long way to cater to the diverse finance requirements of our customers,"

After this association with Indian Bank, Maruti Suzuki currently boasts retail financing partnerships with 37 financial establishments across the country including 12 public-sector banks, 11 private sector banks, 7 NBFCs, and 7 provincial banks.

Indian Bank Managing Director & CEO Shanti Lal Jai stated that“Indian Bank has a wide presence all over the country and we are confident of offering best-in-class services to Maruti Suzuki customers for meeting their aspiration of owning a car."

The bank is committed to making the car financing experience more convenient for the customer, and a variety of options in terms of rate of interest will be made available to simplify the financing process, he added.