Indian bank: Maruti Suzuki partners with Indian Bank for car loans

Maruti Suzuki India (MSI) said on Wednesday that it has partnered with Indian Bank to facilitate customer financing.

Under this partnership, corporate customers can avail loan benefits at more than 5,700 branches of Indian Bank across metropolitan, urban, semi-urban and rural areas.

Maruti Suzuki customers, under this exclusive program, can avail loans of up to 90% of the car’s on-road price in addition to enjoying zero processing fees, free accident insurance coverage for up to at Rs 30 lakh, a free fastag and a repayment term of up to 84 months on their loans. The program is open until June 30, 2022.

“Around 80% of retail sales in the automotive industry are through finance and to enable our customers to make car buying decisions, Maruti Suzuki has initiated several partnerships with banks and NBFCs in the public sectors We strongly believe that this partnership with Indian Bank will go a long way towards meeting the diverse financial needs of our customers,” Shashank Srivastva, MSI Senior Executive Director (Marketing & Sales), said in a statement.

The country’s largest automaker has an extensive network of 3,357 new car outlets in 2,156 cities and towns.

Through this partnership, Maruti Suzuki now has retail finance links with 37 financial institutions, including all 12 public sector banks, 11 private banks, 7 NBFCs and 7 regional rural banks.

“Indian Bank has a wide presence across the country and we are confident to offer best in class services to Maruti Suzuki customers to fulfill their car ownership aspiration,” said Shanti Lal Jain, Managing Director and CEO. of Indian Bank.

The bank is committed to making the auto financing experience more convenient for the customer, and a variety of interest rate options will be offered to simplify the financing process, he added.

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