Indian Bank partners with Maruti Suzuki for auto loans

CHENNAI: Indian Bank has partnered with Maruti Suzuki India Limited to facilitate customer financing.
Under this exclusive loan program for Maruti Suzuki customers, Indian Bank is offering up to 90% of the car’s on-road price in addition to extending the benefits of no processing fees, free accident insurance cover up to Rs 30 lakh, free fastag and reimbursement term. 84 months on their loans, a press release said Wednesday. This program is open until June 30, 2022.
With such a Memorandum of Understanding in place, Indian Bank can now offer easy financing benefits to a large number of buyers through Maruti Suzuki’s extensive network of 3,357 new car outlets in 2,156 cities and towns. Customers can avail the loan benefits at more than 5,700 branches of Indian Bank at different locations.
Shanti Lal Jain, MD and CEO, Indian Bank, said, “We are committed to making the auto finance experience more convenient for customers, and a variety of interest rate options will be available to simplify the funding process.
Commenting on the partnership, Shashank Srivastava, Senior Executive Director (Marketing and Sales), Maruti Suzuki India Limited, said that around 80% of retail sales in the automotive industry are done through finance and to enable customers to take car buying decisions, Maruti Suzuki has launched several partnerships with banks and NBFCs in the public and private sectors.

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