New Delhi: India's largest car maker Maruti Suzuki India (MSI) on Friday announced signing of ‘Preferred Financier’ MoU (Memorandum of Understanding) agreement with Bank of Baroda for dealer inventory financing.
The partnership with Bank of Barodawill allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers. The dealer inventory financing will be done as per bank of Baroda’s existing product program of Supply Chain Finance, MSI said in a regulatory filing.
“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. I’m confident all our customers and dealer partners will take benefit of this new alliance,” Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited 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,” P S Jayakumar, MD & CEO, Bank of Baroda said.