Maruti Suzuki India Limited (MSIL) has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to collaborate on offering retail financing solutions for new and used cars, as well as commercial vehicles. The partnership aims to provide easy and flexible finance options, particularly for first-time buyers, and make vehicle ownership more accessible and convenient for a wider segment of customers.
The MoU was signed by senior executives from both companies, including Partho Banerjee, Senior Executive Officer, Marketing & Sales, and Vishal Sharma, Vice President, Maruti Suzuki Finance & Driving School, representing Maruti Suzuki India Limited, and K. Paul Thomas, MD & CEO, and other senior officials from ESAF Small Finance Bank.
According to Partho Banerjee, the partnership reinforces Maruti Suzuki’s commitment to providing accessible financing solutions, particularly for first-time car buyers. The company aims to enhance financing options and flexible repayment solutions, making it easier for Indian families to own a Maruti Suzuki vehicle.
K. Paul Thomas, MD & CEO of ESAF Small Finance Bank, stated that the partnership aligns with the bank’s mission to empower lives and communities through finance. The collaboration will help extend affordable and convenient mobility solutions to a wider customer base, particularly in underpenetrated regions, promoting inclusive development and sustainable progress.
The partnership will leverage the combined network of Maruti Suzuki and ESAF Small Finance Bank across Tier 2 and Tier 3 cities, making vehicle ownership more accessible and convenient for customers in these regions. With this strategic alliance, Maruti Suzuki and ESAF Small Finance Bank aim to increase vehicle sales and promote financial inclusion in India.
Overall, the partnership between Maruti Suzuki and ESAF Small Finance Bank is expected to have a positive impact on the Indian automotive industry, making vehicle ownership more accessible and affordable for a wider segment of customers. The collaboration will help to drive growth and promote financial inclusion in the country, particularly in underpenetrated regions.