Maruti Suzuki India Ltd has announced a partnership with ESAF Small Finance Bank to provide retail financing solutions for new and used cars, as well as commercial vehicles. The partnership aims to offer easy and flexible finance options, particularly for first-time buyers, through a Memorandum of Understanding (MoU) signed between the two companies. The collaboration will leverage the combined network of Maruti Suzuki and ESAF Small Finance Bank across Tier II and Tier III cities, making vehicle ownership more accessible and convenient for a wider segment of customers.
According to Partho Banerjee, Senior Executive Officer, Marketing & Sales at Maruti Suzuki India, the partnership will enhance financing options and flexible repayment solutions for customers. The company is committed to making vehicle ownership more affordable and convenient for its customers, and this partnership is a step in that direction.
K Paul Thomas, MD & CEO of ESAF Small Finance Bank, highlighted the importance of the partnership in promoting inclusive development and sustainable progress for all. The collaboration will help extend affordable and convenient mobility solutions to a wider customer base, particularly in under-penetrated regions. The bank’s extensive network and Maruti Suzuki’s wide range of vehicles will make it easier for customers to own a vehicle, regardless of their location or financial background.
The partnership is expected to benefit customers in several ways, including easy and flexible financing options, competitive interest rates, and flexible repayment terms. Additionally, the collaboration will also enable Maruti Suzuki to expand its customer base and increase sales, while ESAF Small Finance Bank will be able to provide its customers with a wider range of financial products and services. Overall, the partnership between Maruti Suzuki and ESAF Small Finance Bank is a significant development in the Indian automotive industry, and is expected to have a positive impact on the market.