India’s biggest car manufacturer Maruti Suzuki has got into a partnership with private lender Federal Bank to provide dealer loans and retail car loan financing. The retail loan financing is going to be tailored according to the customers’ needs and offer customized solutions.
Earlier this year in August, Federal Bank had been inducted as an approved companion by Maruti for dealer inventory funding. The latest development carries forward the relationship further.
Maruti is confident that the new partnership is going to be a big help for its customers. The Executive Director of the company, Shashank Srivastava, said,
We are extremely delighted and confident that our collaboration with Federal Bank for providing retail financing solution will further benefit our customers.
In a securities filing with the Bombay Stock Exchange, Maruti Suzuki stated that the new partnership would allow the company to offer “comprehensive loan access facilities” to its customers. The auto sector in India is in the middle of a slowdown for several months now and many auto manufacturers have struggled to boost sales adequately.
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