Maruti Suzuki has signed an MoU with Bank of Maharashtra for a partnership in offering dealer financing. This will come under the bank’s Mahabank channel financing scheme and support the Indo-Japanese automaker’s dealer partners across the country.
Maruti dealer partners will get options for competitive pricing, easy repayment tenures and fully digital and real-time transactions. The bank has 2000 branches across the country and all will participate in the deal.
Dealers have borne one of the hardest hit during the events of the last year-and-a-half with them having to sit on sold inventory while at the same time having to bear all the expenses related to running a franchisee for the automakers. Such deals are expected to improve financial confidence among dealers.
Elaborating on the alliance, Shashank Srivastava, senior executive director, marketing and sales, MSIL, said, “We are thankful that this collaboration with Bank of Maharashtra will offer new-age banking and finance solutions for our dealer partners. There is a business requirement to induct more finance partners for dealer inventory funding keeping in mind long term business requirements and contingencies.”