Maruti Suzuki, Bank of Baroda join hands - Here's what car buyers and dealers will get

A Memorandum of Understanding (MoU) agreement has been signed between Maruti Suzuki India Limited and Bank of Baroda. Maruti Suzuki India Limited (MSIL) has announced that Bank of Baroda has now become its ‘Preferred Financer’. The MoU was signed between P S Jayakumar, MD & CEO, Bank of Baroda and Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited. Ajay Seth, Senior Executive Director & CFO, Maruti Suzuki India Limited and other senior officials from both the organisations were present at the occasion. 

How it will benefit dealers and customers?

The partnership with Bank of Baroda will 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.

Maruti Suzuki-Bank of Baroda Collaboration: Who said what?

Commenting on the collaboration, Shashank Srivastava, Executive Director, Marketing and Sales, Maruti Suzuki India Limited said, “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. At Maruti Suzuki, we strive to deliver best customer experience and this new collaboration will help us in ensuring the same. I’m confident all our customers and dealer partners will take benefit of this new alliance.”

PS Jayakumar, MD & CEO, Bank of Baroda, also shared his thoughts on the alliance, saying, “We are delighted to be associated with India’s largest passenger vehicle manufacturer - Maruti Suzuki India Limited. 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.”