Maruti Suzuki India Limited (MSIL) announced that it has partnered with HDB Financial Services Limited (HDBFS), a leading NonBanking Financial Company (NBFC), to provide customized and attractive car loans for customers.
The MoU was signed in the presence of Shashank Srivastava, Executive Director (Marketing & Sales), MSIL, G Ramesh, MD & CEO, HDBFS and other senior officials from both the organizations.
The tie up will facilitate loans for both new and used cars. Maruti Suzuki has a vast network of 3,066 new car retail outlets across 1,953 cities and towns. Maruti Suzuki also has 569 outlets of pre-owned car retail channel True Value in over 280 locations.
With this MoU in place, Maruti Suzuki now has a retail finance tie-up with 26 banks,7 NBFCs and 8 Regional rural banks.
Incorporated in 2007, HDB Financial Services Limited is a subsidiary company of HDFC Bank. It has a network of over 1,425 branches in 1,038 towns and cities.
Speaking about the customer-centric initiative Shashank Srivastava, Executive Director (Marketing & Sales), MSIL said, “Maruti Suzuki offers the convenience of buying a car along with other services such as finance, insurance and accessories under one umbrella. The partnership with HDB Financial Services Limited, will boost the convenience by offering attractive loan schemes to customers.
There is a huge potential in the Indian automobile industry and attractive retail financial solutions will help us put the market on a growth trajectory. HDBFS has a strong network and being an NBFC it overcomes challenges being faced in conventional lending, thus giving semi-rural and rural India the access towards credit. This also helps in increasing penetration of financial inclusion for potential customers.”
Speaking on the partnership, G Ramesh, MD & CEO, HDB Financial Services, said, “The HDB-MSIL partnership is a great step towards expanding availability of finance across the breadth of the country. HDB has a physical presence in more than 1000 locations with over 1425 branches pan-India. The partnership will enable customized offerings across India including deep geographies. We offer loans to first time buyers and other underserved-segments through our distribution network and digital channels There is a huge opportunity in the market which is significantly underserved by the traditional players – now will have unparalleled access to finance through this partnership.”
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